Growth Commission response to latest IMF growth forecasts

Responding to the publication by the International Monetary Fund of its updated growth forecasts, Shanker Singham, Chairman of The Growth Commission, said:

“The IMF growth forecasts for the G7 continue to make depressing reading. It is clear that Western Europe continues to stagnate in comparison with the U.S., Canada and even Japan now, with the UK projected to perform less well (0.5% GDP per capita growth) than even France (0.6%), Germany (0.8%) and Italy (0.9%). Indeed for 2026, the UK is projected to be the poorest performer in the G7.

“This is certainly not the time to be piling on costs on UK businesses through environmental and tax policies, nor is it the time to hit a weakening labour market with increases in labour market inflexibility. All this is correctable and the Growth Commission’s work shows how much higher levels of growth can be secured.”