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UK constrained by high interest rates, price rises and staff shortages but thinktank offers optimistic outlook for global economyThe UK will be the worst-performing economy in the G7 next year, according to the Organisation for Economic Cooperation and Development, as high interest rates and the lingering effects of last year’s surge in inflation weigh.In a downbeat assessment, the Paris-based thinktank also downgraded its forecast...

Resolution Foundation says this will be ‘first parliament in modern history to see a fall in living standards’Business live – latest updatesHousehold incomes are on course to fall for the first time over the course of a parliament despite Jeremy Hunt’s national insurance cuts, the Resolution Foundation thinktank has said in its assessment of the chancellor’s budget.Amid almost two decades of falling real wages,...

The absence of so many potential workers is taking a toll. In a literal sense, this is a sick economyBusiness live – latest updatesOn the face of it, Britain’s labour market is in rude health. Employment rose in the final three months of 2023 and unemployment fell to 3.8%. Earnings, adjusted for inflation, rose for a sixth successive month. All are traditionally signs of...

Surprise uptick to 4.0% complicates forecasts that Bank of England will cut interest ratesAnalysis: inflation rise complicates outlook on interest ratesWhich UK goods and services have changed most in price?UK inflation rose unexpectedly to 4.0% in December in the first increase for 10 months, complicating the timing of interest rate cuts from the Bank of England this year.The Office for National Statistics said annual...