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The International Monetary Fund has raised its 2024 UK growth forecast to 0.7% but warns the conflict in Iran could derail recovery. Domestic political instability remains a key risk factor.
Britain’s gross domestic product expanded by 0.6% in the first quarter, confounding analysts who predicted stagnation. The surge lifts annual growth to 1.8%, the fastest pace since 2022, and pushes inflation-adjusted wages up 2.3% year-on-year. Chancellor Rachel Reeves hailed the rebound as proof that tough reforms are paying off, but warned of persistent risks from global instability.
Donald Trump’s two-hour meeting with China’s Xi Jinping yielded no resolution on the US naval blockade of Iranian ports, as Beijing refused to endorse Washington’s enforcement campaign. The talks, held at the Temple of Heaven, were overshadowed by fresh attacks in the Strait of Hormuz, where three tankers were struck hours before the summit began.