Diane Abbott says a wealth tax of 2% on people with assets over £10m would raise £24bn a year

The Organisation for Economic Co-operation and Development (OECD) has cut its forecast for UK growth by 0.3 percentage points this year to 1.4%, and by 0.1 percentage points for 2026 to 1.2%, Richard Partington reports. The reducations are from the forecast published in December.

Here is an extract from the OECD’s latest economic outlook report.

European economies will experience fewer direct economic effects from the tariff measures incorporated in the baseline projections, but heightened geopolitical and policy uncertainty is still likely to restrain growth. Euro area growth is projected to edge up from 0.7% in 2024 to 1.0% in 2025 and 1.2% in 2026, with growth in the United Kingdom projected to be 1.4% in 2025 and 1.2% in 2026.

This report shows the world is changing, and increased global headwinds such as trade uncertainty are being felt across the board.

A changing world means Britain must change too, and we are delivering a new era of stability, security and renewal, to protect working people and keep our country safe.

This means we can better respond to global uncertainty, with the UK forecast to be Europe’s fastest growing G7 economy over the coming years – second only to the US.