The UK economy is expected to grow more slowly than expected over the next two years, according to the International Monetary Fund, which forecasts three interest rate cuts in 2024.
In its biannual World Economic Outlook, the IMF said that the British economy would expand by 0.5 per cent of GDP this year, 0.1 percentage points lower than an estimate made at the start of the year and making it likely to be the second-slowest-performing leading economy in 2024.
Growth was on course to recover to 1.5 per cent next year, the IMF said, another reduction of 0.1 percentage points from its previous estimates.
Germany, which suffered a deep downturn after Russia’s invasion of Ukraine in 2022, would remain the worst-performing advanced economy, with
