The UK economy will grow faster than previously thought, with the IMF revising its 2024 growth forecast to 1.1%, reflecting a stronger service sector performance.
Rachel Reeves aims to highlight economic growth in her upcoming budget, proposing substantial increases in infrastructure investment to rejuvenate the UK's economic landscape.
The IMF's report noted UK services have thrived this year compared to economies reliant on manufacturing, indicating a significant shift in growth dynamics within G7 countries.
Despite the upgraded outlook, Reeves acknowledges that further work is necessary to stabilize and improve the economy, particularly in sectors like the NHS.
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