UK Economy Slows, Unemployment Rises

The OECD has cut its global growth outlook to 2.8% and warned that the UK will suffer the biggest rise in unemployment among G7 nations.

This slowdown is attributed to the Middle East conflict and higher minimum wages, which are deterring employers from hiring.

The UK economy is projected to grow by 0.9% this year, but the outlook for 2027 has been cut.

Government spending is expected to fuel growth this year, but concerns remain about weak business investment and the impact of inflation on households.