UK economy to flatline in 2023 as cost of living crisis curbs spending , warns OECD

Surging inflation later this year stoked by the war in Ukraine will stall consumer spending

(Picture: PA Archive)

The UK’s economy will fail to grow at all next year as the cost of living crisis and the impact of the war in Ukraine drives down consumer spending, the OECD warned today.

The Paris based “rich countries’ club” said in its latest economic outlook report that Britain’s GDP will increase by 3.6 per cent this year before flatlining through 2023.