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Sunday, April 21, 2024

UK to Have One of Highest Inflation Rates in G20

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The UK is set to have one of the highest rates of inflation in the G20, according to figures from the OECD.

The economic group’s forecasts show that the UK is predicted to have average inflation rates of nearly 7% in 2023.

Much higher than most other G20 countries and also higher than nations such as Ireland and Norway.

In its Economic Outlook forecasts, the OECD also predicted the UK to have sluggish growth with just 0.3% of GDP this year and 1% in 2024.

Commenting, SNP Economy spokesperson Stewart Hosie MP said:

“The UK economy is suffering the consequences of Tory economic incompetence and their disastrous Brexit.

“It is households in Scotland who are paying the price for sky-high inflation and next to no economic growth.

“Energy bills are higher, mortgage bills are increasing and shopping keeps getting more expensive.

“Small independent countries such as Ireland and Norway have higher growth and lower inflation rates than the UK, Scotland can do so much better than being constantly held back by Westminster control.

“Scotland is being taken along for the ride as the Tories trash the economy, we are paying the price for Westminster control.

“There is no hope of a brighter future under a Labour government either as they continue to back Brexit, which will continue to mean the UK will lag behind other major economies.

“It is clear that the only way Scotland can escape the never-ending economic chaos of Westminster control is by becoming an independent country.”

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