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The UK’s economic outlook has been downgraded by the OECD, which now expects just 1.3% growth in 2025 — down from 1.4% earlier this year. The global think tank says the UK faces specific challenges including:
📈 Rising government debt interest payments
🚧 International trade barriers, especially from the US
🏛️ Weak public finance buffers
Despite stronger-than-expected early-year growth (0.7% from Jan–Mar), the OECD warned of “weakening momentum” due to falling business confidence.
It advised Chancellor Rachel Reeves to adopt a “balanced approach” in the upcoming Spending Review: raise taxes, close loopholes, cut spending — and reassess outdated council tax bands still based on 1991 property values.
🌐 Globally, growth is expected to slow to 2.9%, with the OECD blaming escalating trade tensions and tariff wars, especially under the returning US administration.
Meanwhile, US growth has also been cut from 2.2% to 1.6%, with early 2025 data showing a slight economic contraction.
