UK Economy to Remain Stagnant Until 2025, Bank of England Projects

According to the Bank of England, the UK economy is projected to flatline until after the upcoming election. This forecast comes as a blow to Chancellor Rishi Sunak, who had made economic growth one of his key promises to voters earlier this year.

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The Bank's analysis suggests that the country's gross domestic product (GDP) will see no growth in the period leading up to 2025, with the election expected to take place next year.

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Shadow Chancellor Rachel Reeves responded to the forecasts, stating, "These forecasts are a damning indictment of 13 years of economic failure that has left working people worse off. At the beginning of the year, Rishi Sunak and Jeremy Hunt promised to stimulate economic growth. These figures, however, indicate that we are heading in the wrong direction."

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While the forecast presents a bleak outlook for economic growth, there is some positive news on the inflation front. The Bank of England predicts that inflation will continue to decrease next year.

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Jeremy Hunt, commenting on the situation, said, "Inflation is falling, wages are rising, and the economy is growing. The UK has demonstrated greater resilience than anticipated, but sustainable growth remains crucial for long-term prosperity."

Chancellor Rishi Sunak announced that the Autumn Statement, set to be delivered later this month, will outline strategies to enhance economic growth. This includes unlocking private investment, increasing employment opportunities, and promoting a more productive British state.