The International Monetary Fund (IMF) has said the UK’s economy will grow faster than they previously thought for 2024.
IMF projections were boosted by a fall in inflation and lower interest rates has helped to drive spending.
The IMF has held back their global forecasts and announced that the fight against inflation as “largely been won.”
This is welcomed news by the Chancellor Rachel Reeves as she prepares for her Halloween Budget on 30 October.
The UK’s performance saw an increase of 0.7% of growth for 2024 which has risen from the IMF’s previous projection of 0.6% in April 2023 and they predict in 2025 there will be 1.5% of GDP growth.
In their latest World Economic Outlook, they warned new governments can “introduce significant shifts in trade and fiscal policy” and this could cause a change for future growth.
The Chancellor said, “It’s welcome that the IMF has upgraded our growth forecast for this year, but I know there is more work to do.
“That is why the budget next week will be about fixing the foundations to deliver change, so we can protect working people, fix the NHS and rebuild Britain.”