LONDON (Reuters) - Britain's economy will grow slower this year and next than thought only a few months ago and it will suffer higher inflation than its peers, forecasts from the Organisation for Economic Co-operation and Development showed on Thursday.
The OECD cuts its British economic growth forecast to 0.4% for 2024 from 0.7% in February, and growth next year is expected to stand at just 1.0%, compared with a previous forecast of 1.2%.
It means the OECD expects Britain's economy will grow more slowly next year than France or Germany. Consumer prices are expected to rise more quickly in Britain during 2024 and 2025.
"This forecast is not particularly surprising given our priority for the last year has been to tackle inflation with higher interest rates," finance minister Jeremy Hunt said in response to the forecast, pointing to more optimistic forecasts from the International Monetary Fund.
(Reporting by Andy Bruce, Editing by Paul Sandle)
