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OECD finds UK growth will be stable but slow

Jake Cordell
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The Gherkin, London
The UK economy will trundle along, but at a slower rate (Source: Getty)

The UK will grow at a stable but slower pace for the forseeable future as a result of uncertainty over its future relationship with the European Union, the Organisation for Economic Cooperation and Development (OECD) declared today.

On an index which compiles economic indicators to assess how the world's top economies are performing compared to the recent past, the OECD found "growth [is] stabilising around a lower rate" in the UK.

The UK's score on the so-called composite leading indicators scale came in at 99.5, up from 99.3 last month, where scores of 100 represent the recent pace of growth. Scores under 100 imply a slowdown, though not necessarily a recession, and scores above 100 indicate an uptick.

The OECD also found the Eurozone was growing stronger than it has done over recent years, registering 100.3 on the index. In the US, the pre-election slowdown was laid bare, with a score of just 99.0, its weakest in the current cycle.

The US economy has impressed economists in terms of its ability to add jobs at a rapid pace throughout the year. However, headline GDP growth has disappointed, coming in at around one per cent on an annualised basis for the first six months of 2016.

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