BREAKING NEWS
UK Braces for Record-Breaking Inflation, OECD Warns
The Organization for Economic Co-operation and Development (OECD) has forecast the UK to experience the highest rate of inflation among the world's seven richest nations this year. According to the OECD, UK inflation is expected to reach 3.5% in 2025.
This alarming prediction comes as Chancellor Rachel Reeves prepares November's Budget, where she may impose tax hikes or spending cuts to meet her government borrowing targets.
The OECD also revised its forecast for UK growth, predicting a slowdown next year despite a slight increase to 1.4% this year.
Reeves has responded to the OECD's warning, stating that the British economy is "stronger than forecast" and that she remains committed to delivering an economy that benefits working people.
This is a developing story, with further updates expected as more information becomes available.
*This is a developing story. Updates will be provided as more information becomes available. Based on reporting from Bbc.*
