In a report released yesterday, the International Monetary Fund commented that it believes that the UK will have the slowest growth in the G7 in 2023.

The IMF projections are for the country to see more persistent inflation eroding households spending power, and higher interest rates will slow business investment.

The fund has cut its forecast for growth this year from 4.7% to 3.7% and for 2023, it sees whole year GDP at just 1.2%, down from 2.3% previously.

The shock from higher energy prices, while applicable to several countries, will be particularly damaging to the UK given the rate at which household bills are expected to rise.

The Prime Minister faced MPS yesterday for the first time since he was fined for breaking his own Government’s rules over social gatherings during lockdown.

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