New forecasts from consultancy KPMG indicate GDP growth in the UK will rise to 0.5% this year and by 2024, with further growth expected in 2025. The Bank of England is predicted to implement interest rate cuts as inflation decreases.
KPMG highlighted the economy's positive turn post-pandemic, acknowledging challenges from inflation, rising interest rates, and increased living costs due to global energy price escalations post-Russia's invasion of Ukraine.
KPMG's chief economist, Yael Selfin, mentioned that political certainty from the upcoming election and fiscal policies could bolster the new government's economic strategy. Interest rate reductions seem imminent to counter rising inflation.
Expectations point towards the incoming UK government benefiting from a more stable economic landscape. Inflation aligning with the Bank of England's target and a revised higher first-quarter GDP growth rate lay a positive foundation.
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