The International Monetary Fund has downgraded the UK’s growth forecast by the G7. The IMF’s latest global forecasts have downgraded the UK’s growth projection for this year by 0.5% to only 0.8%…
| Country | 2026 Forecast | Diff. from Jan 2026 |
|---|---|---|
| UK | 0.8 | -0.5 |
| Germany | 0.8 | -0.3 |
| France | 0.9 | -0.1 |
| Italy | 0.5 | -0.2 |
| Japan | 0.7 | 0.0 |
| US | 2.3 | -0.1 |
| Canada | 2.5 | -0.1 |
“In the United Kingdom, inflation, which in 2025 increased partly because of one-off changes in regulated prices, is expected to pick up again temporarily toward 4 percent before returning to target by the end of 2027 as the effects of higher energy prices fade and a weakening labor market continues to exert downward pressure on wage growth.”
It also says the unemployment rate will hit 5.6% this year. Big gulps can be heard from the Treasury…
Burnham confirms he spoke to Trump last night about drilling in the North Sea:
“I indicated in the phone call that we had a week last Monday that I would take a pragmatic approach when it comes to the North Sea, and that is my intention as we go forward from here. There is a resource there. When people are struggling, we can’t ignore that. Hence, me indicating that to the president…”