UK growth to remain chronically sluggish
29 May 2023
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Housing and Planning
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Julian Jessop quoted in The Express
IEA Economics Fellow Julian Jessop was quoted in The Daily Express after the International Monetary Fund (IMF) revised its long-term growth forecasts for the UK economy.
Julian said:
“The large upgrade to the IMF’s forecast for the UK economy in just a month shows why we shouldn’t take these numbers too seriously.
“But the revision is consistent with other signs that the UK will dodge the recession so many feared. Unfortunately, growth is still expected to be sluggish. The UK economy is predicted to grow by an average of just 1.5 percent a year over the longer term.
“The IMF makes policy recommendations to boost productivity and growth. But many of these are politically difficult – such as easing planning restrictions and reducing barriers to business investment. The Government needs to be more ambitious.”
Read the full article here.
Julian said:
“The large upgrade to the IMF’s forecast for the UK economy in just a month shows why we shouldn’t take these numbers too seriously.
“But the revision is consistent with other signs that the UK will dodge the recession so many feared. Unfortunately, growth is still expected to be sluggish. The UK economy is predicted to grow by an average of just 1.5 percent a year over the longer term.
“The IMF makes policy recommendations to boost productivity and growth. But many of these are politically difficult – such as easing planning restrictions and reducing barriers to business investment. The Government needs to be more ambitious.”
Read the full article here.
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