GDP (Image: PA)
The International Monetary Fund predicts the economy will grow 0.7% this year and by a further 1.5% in 2025.
While confirming the upgraded figures from May, the data marks an uptick from earlier predictions in April when its economists said Britain’s GDP would increase by 0.5%.
by Taboola by Taboola
Sponsored Link Sponsored Link
Promoted Links Promoted Links
Home Value Calculator
Unbelievable: Calculator Shows The Value Of Your House Instantly (Take a Look)Home Value Calculator Learn More
The IMF also expects the UK will grow faster over the next six years than any European G7 country or Japan.
The data, contained in an update of the IMF’s world economic outlook, comes days after official data showed GDP is growing at its fastest rate for more than two years.
The economy grew by a better-than-expected 0.4% in May in another sign that the ex-Prime Minister’s plan was working.
Sponsored
Health Benefits
Health Benefits Fungus is Not from Toe Infection ! Meet the Main Enemy of Fungus
Undo
by Taboola by Taboola
Both sets of data also go some way to rubbishing Rachel Reeves dire warning about the nation’s finances.
Grocery inflation (Image: Getty)
Don't miss... Labour left squirming over Donald Trump 'Nazi' jibe [LATEST]
Grocery inflation (Image: PA)
Interest rates have been broadly increased globally as countries have sought to grapple with high levels of inflation over the past two years.
In the UK, interest rates currently sit at a 16-year-high of 5.25%, with Bank of England policymakers opting to maintain rates at this level for the past seven meetings.
The IMF said concerns over wage inflation and service industry inflation, which have remained more persistent than over areas of the economy, mean that interest rates are taking longer than previously expected to decrease.
It added: “The risk of elevated inflation has raised the prospects of higher-for-even-longer interest rates, which in turn increases external, fiscal, and financial risks.”
In a boost for consumers, grocery price inflation plunged to 1.6%, down from June’s 2.1% and its lowest figure since September 2021.
The drop coincided with the fastest rise in monthly footfall so far this year, with Britons making 2% more trips to the supermarket this period than they did one year ago.
As household financial pressures eased, sales of branded products increased by 3.6%, outpacing own-label items at 2.7%.
England’s progression through the Euros tournament saw football fans driving beer sales up by an average of 13% on the days that the team played compared with the same day in the previous week.
Don't miss...
Britain's Armed Forces facing ‘huge uncertainty’ following Labour defence review [LATEST]
Fury as woke Ministry of Defence spends ￡3.4 million on diversity staff [LATEST]
Boosting Britain's military might is more important than the NHS [LATEST]
SUBSCRIBE Invalid email
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy
However, with many matches played on “school nights”, Britons apparently chose moderation, sending spending on no and low-alcohol beer up by 38% on matchdays.
Meanwhile, the soggy summer has seen sales of cold and flu treatments jump by 35%, while sun cream sales were down by 10% and sales of artificial tan rose by 16% compared with last year, when the UK enjoyed the warmest June on record.
Ahead of the King’s Speech on Wednesday, Fraser McKevitt, head of retail and consumer insight at Kantar, said: “The retail landscape looks very different from 2010 when the last Labour government was in power – and so do our shopping trolleys.
“As diets have evolved, sales of popcorn, peanut butter and chilled vegetarian products, such as sausages and grills, have more than trebled.
“We’re also more likely to have premium ground and bean coffee in our cups now.”
DON'T MISS
Powered by
Rachel Reeves facing calls to unleash ￡2billion death tax raid on pension pots
394 Comments
Best ISA, easy access, and fixed savings accounts this week paying up to 7% interest
63 Comments
'Short-changed' savers warned to take action as important deadline nears
Comments
Labour's minimum wage increase 'threaten higher mortgages for millions'
8 Comments
Millions warned of stealth tax raid that could see them pay more on savings
47 Comments
Inflation remains at government-set target of 2% in positive news for homeowners
6 Comments
Warning to Asda, Tesco, Aldi, Sainsbury's or Morrisons shoppers buying ice cream
15 Comments
Two beautiful UK places named 'best for staycations' as seaside town knocked off top spot
Comments
Expert's 12 money tips to save an extra ￡7,130 for your house deposit
Comments
Virgin Money offers new 'bonus' 6.65% interest rate on savings - on these conditions
3 Comments
Savings warning as Britons ‘short-changed' on closed easy access accounts ？
3 Comments
Labour's Rachel Reeves may be about to repeat Gordon Brown's ￡30bn howler
476 Comments
Mark Carney issues grim warning to British families over bills under Labour initiative
17 Comments
UK economy returns to growth in May as GDP rises by 0.4%
30 Comments
Elenadate
Looking for a soulmate!Elenadate Read More
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Huge Brexit boost as UK economy 'fastest growing in Europe' in recession bounce back
766 Comments
Panic in China as Xi Jinping scrambles to stop plummeting economy as key event looms
7 Comments
Tesco, Asda, Sainsbury's and Morrisons shoppers given boost for first time in three years
1 Comments
Interest rate cut 'less likely' in August as wage growth continues to outpace inflation
Comments
Wealth Window
Man Who Helped Develop AI Makes Shocking PredictionWealth Window
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
'I'm a money expert - here's the best strategy to boost your savings pot every month'
6 Comments
Bank of England plunged into chaos as it warns of house buying 'delays'
55 Comments
Savings Pro | search ads
Three National Banks Paying Record High Interest - See the ListSavings Pro | search ads
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Rachel Reeves facing calls to unleash ￡2billion death tax raid on pension pots
394 Comments
Best ISA, easy access, and fixed savings accounts this week paying up to 7% interest
63 Comments
'Short-changed' savers warned to take action as important deadline nears
Comments
Labour's minimum wage increase 'threaten higher mortgages for millions'
8 Comments
Millions warned of stealth tax raid that could see them pay more on savings
47 Comments
Inflation remains at government-set target of 2% in positive news for homeowners
6 Comments
Nucific
Stop Making This Breakfast MistakeNucific
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Warning to Asda, Tesco, Aldi, Sainsbury's or Morrisons shoppers buying ice cream
15 Comments
Two beautiful UK places named 'best for staycations' as seaside town knocked off top spot
Comments
Expert's 12 money tips to save an extra ￡7,130 for your house deposit
Comments
Virgin Money offers new 'bonus' 6.65% interest rate on savings - on these conditions
3 Comments
Savings warning as Britons ‘short-changed' on closed easy access accounts ？
3 Comments
Labour's Rachel Reeves may be about to repeat Gordon Brown's ￡30bn howler
476 Comments
FitSpresso
Cardiologists: Losing Weight Over 60 Comes Down To This Daily RoutineFitSpresso Learn More
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Mark Carney issues grim warning to British families over bills under Labour initiative
17 Comments
UK economy returns to growth in May as GDP rises by 0.4%
30 Comments
Huge Brexit boost as UK economy 'fastest growing in Europe' in recession bounce back
766 Comments
Panic in China as Xi Jinping scrambles to stop plummeting economy as key event looms
7 Comments
Tesco, Asda, Sainsbury's and Morrisons shoppers given boost for first time in three years
1 Comments
Interest rate cut 'less likely' in August as wage growth continues to outpace inflation
Comments
'I'm a money expert - here's the best strategy to boost your savings pot every month'
6 Comments
Bank of England plunged into chaos as it warns of house buying 'delays'
55 Comments
Rachel Reeves facing calls to unleash ￡2billion death tax raid on pension pots
394 Comments
Best ISA, easy access, and fixed savings accounts this week paying up to 7% interest
63 Comments
'Short-changed' savers warned to take action as important deadline nears
Comments
Labour's minimum wage increase 'threaten higher mortgages for millions'
8 Comments
Millions warned of stealth tax raid that could see them pay more on savings
47 Comments
Inflation remains at government-set target of 2% in positive news for homeowners
6 Comments
Warning to Asda, Tesco, Aldi, Sainsbury's or Morrisons shoppers buying ice cream
15 Comments
Games4Grandma
Can You Spot the Hidden Objects? (Try Now)Games4Grandma
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Ocado was the fastest-growing grocer for the fifth month in a row, with sales up by 10.7% over the 12 weeks to July 7.
Waitrose gained market share for the first time since January 2022, achieving a 0.1 percentage point rise to 4.5% as spending at the upmarket grocer increased by 3.3%.
Britain’s largest grocer Tesco achieved its biggest share gain since November 2021, taking 27.7% of the market – a 0.7 percentage point increase compared with last year.