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The International Monetary Fund's top economist has urged John Healey to "stay the course" on repairing the UK's public finances, after the fund lifted its growth forecast for Britain to 1.3% this year. The IMF cut its forecast for 2027 to 1.2%, warning that higher energy prices and long-term interest rates weigh on consumption and investment.
The International Monetary Fund has lifted its 2026 UK growth projection to 1.3% and says Britain stands out among major economies on borrowing, but it expects higher energy prices and elevated interest rates to slow the economy in 2027.
Emergency oil reserves are running low and government budgets are stretched, the IMF has warned as it published its World Economic Outlook and lifted its UK growth forecast for this year.
The International Monetary Fund has raised its forecast for UK economic growth to 1.3% in 2026, up from 1% in July, but expects higher energy prices and interest rates to slow the pace to 1.2% in 2027.
The Institute for Fiscal Studies says the chancellor must decide now how to cover £35bn of pressures from higher inflation and a defence spending pledge, rather than deferring the choices to next year’s spending review.
The Institute for Fiscal Studies says the price spike caused by the US-Israel war in Iran is a major challenge for Chancellor John Healey as he assembles his first Budget, leaving him to choose between spending cuts, tax rises or both.
