UK to be slowest-growing G7 economy next year, warns OECD – as it happened

The City of London skyline in London Photograph: Hollie Adams/Reuters

3.08pm BST

Closing post

Time to wrap up…. here are today’s main stories:

3.07pm BST

Analysis: OECD forecasts are blow to Sunak and Hunt’s claims UK economy is improving

A lack of skilled workers in the country is pushing up UK wages. The dearth of affordable housing has seen landlords put up rent by 9% in a single year, weighing on inflation. New costs and controls at the border after Brexit are creating headaches for exporting companies.

This cocktail of pressures on the UK economy has prompted analysts from the Organisation for Economic Cooperation and Development (OECD) to undercut the UK’s own national forecasts for growth. By 2025, the Paris-based thinktank says, UK growth will be below that of any advanced economy in the G7.

More here.