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The prediction from the IMF comes as final preparations are being made for the first Budget under Prime Minister Andy Burnham.
The IMF upgraded its UK growth forecast to 1.3% for this year but cautioned that high energy costs and long-term interest rates will slow growth to 1.2% in 2027, with inflation peaking above 4% and unemployment averaging 5.3%.
UK households are set to face a sharper rise in inflation than previously forecast as the conflict in the Middle East propels food and energy costs higher, according to the International Monetary Fund (IMF). Prime Minister Andy Burnham is also now expected to see UK economic growth slow down next year, according to…