The Organisation for Economic Cooperation Development (OECD) forecasts UK inflation to fall back to 2.9% next year… although this year’s figure is set to average 7.2%, the worst in the G7. At least Rishi is on target to meet one of his pledges by Christmas…

The OECD also expects the UK to hit average growth of around 0.3% this year, up to 0.8% in 2024. Better than Germany… although still small beer. Jeremy Hunt is instead pointing to the IMF figures to cheer everyone up:

“Today the OECD have set out a challenging global picture, but it is good news that they expect UK inflation to drop below 3 per cent next year. It is only by halving inflation that we can deliver higher growth and living standards. We were among the fastest in the G7 to recover from the pandemic, and the IMF have said we will grow faster than Germany, France, and Italy in the long term.”

In the meantime, the Bank of England could hike interest rates to 5.5% on Thursday…