The International Monetary Fund has warned the UK about the prospect of interest rates staying high for longer if service sector inflation is not reduced.
The IMF raised its growth estimate for the UK to 0.7% in 2024 due to a stronger than expected start to the year, expecting further growth to 1.5% in 2025.
Chancellor Rachel Reeves acknowledges the economic challenges ahead despite the IMF's positive growth forecast, highlighting the government's efforts to strengthen the economy.
The IMF predicts a narrowing growth gap between the US and the EU in the next 18 months and suggests a global economic slowdown without a full recession.
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