The Organisation for Economic Cooperation and Development (OECD) has stated that Britain must maintain its budget discipline, tackle high pension spending, and address soaring energy prices to speed up its economy. This comes as Andy Burnham is set to become the new prime minister of the UK.

Challenges Ahead

The OECD report highlights the challenges facing the UK economy, including high and volatile energy prices, rising fiscal pressures, weak productivity growth, and large regional disparities. The report emphasizes the need for fiscal discipline, building on recent improvements to the fiscal framework.

The OECD expects Britain’s economy to grow by 0.9% this year and 1.1% in 2027. The forecasts are slightly weaker than those published by the International Monetary Fund. The OECD also recommends that Britain invest more in the electrification of its economy to reduce its reliance on gas imports.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.