The government’s overall deficit is expected to fall to 3.3% of GDP by 2026, from an expected result of 5.6% of GDP this year.
Standard & Poor’s reaffirmed the UK’s rating at AA, with a stable outlook. The agency estimates that the country’s economy must grow by 0.4% in 2023 and 2024, before presenting a more stable picture, with an increase of 1.5%, from 2025 onwards.
Standard & Poor’s says the UK economy faces several headwinds, such as rising inflation, rapid tightening of monetary policy and credit conditions, as well as a “relatively weak” external outlook.
It expects inflation, in turn, to slow from an increase of 7.5% in 2023 to a rise of 2.5% in 2024.
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The government’s overall deficit is expected to fall to 3.3% of GDP by 2026, from an expected result of 5.6% of GDP this year.
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Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.