OECD downgraded UK growth forecast to 0.4%, below G7 peers, citing challenges ahead. UK PM facing pressure amidst local elections as economy struggles.
Higher UK wages could boost consumer spending but risk inflation. BoE efforts aim to reach inflation target, expected interest rate cuts ahead.
OECD calls for fiscal prudence until BoE inflation target reached, suggests directing spending to supply-enhancing investments. Unemployment rate expected to rise.
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