Related topic: uk economy

This comes amid continued disruption in the Strait of Hormuz and significant damage to energy infrastructure across the Gulf.

GDP is expected to grow more slowly this year but faster in 2027 and 2028, the latest OBR forecasts show.

57% of advisers feel ‘very confident’ on business outlook, but confidence in the wider mortgage market dips.

Lower inflation and interest rate cuts will help unlock money so it can be spent in the economy, Martins said.

Inflation has fallen from 3.4% in December to 3% in January.

Economists are now predicting further Bank Rate reductions 'sooner rather than later'.

Industry experts now say a February Bank Rate cut is now almost entirely off the table.

While the UK has avoided a technical recession, industry experts note that more muted quarterly growth is 'meagre at best'.

The move means Bank Rate is at its lowest level in almost three years.

With unemployment figures rising and inflation easing, industry experts say a rate cut tomorrow 'now looks like a cert'.