'UK inflation to remain high, as growth slows'

TAX hikes and spending cuts will put pressure on the UK economy over the next two years - and inflation will remain among the highest in the among the G7 economies, according to anew report.

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The Organisation of Economic Cooperation and Development (OECD) said the Government's ongoing fiscal consolidation - meaning higher taxes and reduced government spending ~ will act as a “headwind” to the UK economy, with “past tax and spending adjustments weighing on household disposable income and slowing consumption’.