According to the OECD, UK interest rates are set to decrease gradually due to November's Budget, despite encouraging short-term economic growth through tax and spending adjustments.
Chancellor Rachel Reeves highlighted that the Budget will allow the UK to potentially become the fastest growing European economy in the G7 over the next three years, emphasizing growth as a priority.
The OECD's forecast indicates a growth downgrade for the UK economy this year to 0.9%, while predictions show an acceleration to 1.7% next year and a slight slowdown to 1.3% by 2026.
UK interest rates currently at 4.75% are expected to gradually decline to 3.5% by early 2026, influenced by higher than anticipated inflation and shifting economic conditions.
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