This year, business groups have made assumptions about the growth from 3.6% to 3.5%, and in the last three months, prices of goods and services have risen 10% more, the highest rise ever from the last average wage.
About the investment, they have said that it is decreasing for this year from 3.5% to 1.8%. BCC has published this report. There is a serious warning from the world’s leading monetary authorities that British growth will be one of the worst of any other G20, but Russia will be the one who will experience immense growth.
Inflation To Halve Uk’s Economic Growth
Organization for Economic Co-operation and Development announced that GDP expansion will stop in 2023. This group has also said that the UK will be in a dangerous situation because they have increased interest rates and taxes, and the rise in petrol prices will be one of the primary reasons for the UK being in danger.
Director of Organisation for Economic Co-operation and Development Alex Veitch said that the “UK is facing headwinds which shows some chances of reducing but the war which started in Ukraine when the UK was starting to recover from the coronavirus situation. Was again a stopping point for the profitability in the business.” About the investment, he said that it is also a concerning topic as it’s also an important part of the economy.
He continued and said that as soon as possible, we have to take action on this and discuss this with the government about reviewing capital, supporting investment, and generating other policies related to incentivizing business investment. He said that policies related to ‘Stable and supportive’ are also needed to help the UK economy again to grow. He continues by saying that a wage rise will affect the economy, but we ensure that if the trend continues till 2024, then inflation will return to the Bank of England’s target.
The BBC policy chief who went to help with the discussion on “Stable and supportive policies” said the economy would grow with the help of plan buy, make and sell in Britain, climate investment pledge, and cuts for small businesses if we want to grow our economy.
While talking with the media, the Treasury spokesperson said that Last year the UK was one of the fastest leaders in G7, and the unemployment level was decreasing which was the first time in 50 years. He continued by saying that they can’t insulate the UK from all the global pressure, but they can help with the plan to increase the growth by supporting people with the cost of living. Eight million families will receive £1,200 direct payment this year, and all the other families, including others, will receive at least £400. Next year they are thinking of investing in different businesses and ideas to increase the economy’s growth and help people financially.
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