The Organisation for Economic Co-operation and Development (OECD) published a report forecasting that the UK will be the slowest-growing economy in the G7 next year.
The UK’s economy was the second worst among the G7 this year as high interest rates and restrictive fiscal policy were both attributing factors to the sluggish growth.
The OECD has cut its UK growth outlook for GDP to 0.4% this year and 1% in 2025.
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This is down from projections of growth of 0.7% and 1.2% respectively in March.
Commenting on the poor projection for the UK economy in the coming year, the SNP’s economy spokesperson and MP, Drew Hendry believes Scottish households are still paying the price of Brexit.
He said: “Scotland’s future is broken, Brexit Britain looks truly grim with the UK set to be the worst performing of all advanced economies in the G7 – and a Labour government that plans to keep Tory tax plans and austerity.
Drew Hendry SNP MP for Inverness, Nairn, Badenoch, and Strathspey since 2015
“And it is Scottish households and businesses that will continue to pay the price for Westminster’s Brexit and poor economic decisions – none of which we voted for.
“Independence inside the EU is now vital if Scotland – our economy, businesses and our people – are to grow and prosper.
“Small independent countries inside the EU, such as Ireland and Belgium, are set to have higher growth and lower inflation rates than the UK.
“As an independent country inside the EU, Scotland’s economy could also grow and prosper, and we could achieve a greener, fairer country.
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“The only way to set Scotland on this path, and ensure Scotland’s values are upheld and our economy protected, is to vote SNP at the next election.”
The OECD also reported that food price inflation decreased sharply in most countries, as good harvests for key crops such as wheat and corn saw prices fall rapidly.
It also stated that most other countries are also seeing energy prices ease, although housing and credit markets globally are still struggling.
