UK Growth Downgraded3 Feb 2025 07:46
“Britain’s growth outlook has been slashed for 2025 as the economy struggles with tax hikes, high borrowing costs and a slump in business confidence.
The UK’s GDP will grow by just 1pc this year, according to the EY Item Club, down from previous forecasts of 1.5pc after the economy ground to a halt over winter.
Much of the blame has been pinned on the Chancellor’s record tax-raising Budget in October, as EY said an increase in employer National Insurance contributions and the minimum wage will damage investment and push up unemployment to 4.6pc.”
Labour - the party of growth 🙄