The IMF upgraded its forecast for the UK economy to grow by 1.6% in 2025, aided by Labour's increased investment spending and household finances.
Rachel Reeves emphasized the UK is set to be the fastest growing major European economy, attributing this to Labour's budget rules and commitment to reducing debt.
The IMF analysts predict four interest rate cuts this year, decreasing the rate from 4.75% to 3.75%, influenced by falling inflation and weak retail sales.
The contrasting outlook shows optimism for the UK against a backdrop of downgrades for Germany, France, and Italy in the eurozone forecast.
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