The Bank of England has reduced its UK growth forecast for 2025 from 1.5% to 0.75%, cutting interest rate on Thursday, in caution and leaving both consumers and businesses concerned about the UK’s economic prospects.

The Chancellor Rachel Reeves is being told that she is “running out of justifications” and she needs to reverse her tax policies.

Mike Salem, UK Country Associate for the Consumer Choice Center (CCC), said, “Reeves is running out of justifications for causing such a sluggish economy.

“Labour has been in charge for seven months now, and we have seen no real positive consequences from their measures to tax everyone and everything.”

Salem added that consumers are worried, and this news will not bode well with those who are saving their money or those who want to spend and invest, leading to this limbo of effectively zero growth.

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