Industry - Country Industry Forecasts - United Kingdom
We have revised down our forecast for 2024 industrial production growth to 0.3%. We expect the Monetary Policy Committee will begin to cut interest rates in August of this year as there is evidence of loosening in labour market conditions and we expect pay growth to weaken further in the coming months. We also believe the next parliament will see a significant tightening of fiscal policy, indicating that the economic recovery will be steady rather than spectacular.
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