According to the IMF, inflation in the British economy will remain at about 2.5% for the rest of this year but fall towards the Bank of England's target of 2% next year.

The UK economy is going to grow less than expected this year - with the International Monetary Fund warning the country will remain the second worst performer in the G7.

Newly revised forecasts indicate the UK’s gross domestic product will expand by just 0.5% in 2024 - a slight downgrade from previous estimates in January - compared with global growth of 3.2%.

However, UK GDP is tipped to increase by 1.5% in 2025 - making it the third-best performer among G7 nations - as households recover following a prolonged cost of living crisis.

According to the IMF, inflation in the British economy will remain at about 2.5% for the rest of this year but fall towards the Bank of England’s target of 2% next year.

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When looked at per head - with output split across the UK’s population - GDP flatlines, with no growth at all for 2024 and 1.1% in 2025.