Watch Business Live with Ian King: UK forecast to have the highest inflation rate among G7 nations

Join Ian King and guests for the latest news from the city, as the UK economy will have the highest inflation rate among the world’s richest nations this year, according to new forecasts.

The Paris-based Organisation for Economic Co-operation and Development (OECD) said in its interim economic outlook report that it expected the UK’s inflation rate to average 7.2% during 2023.

That was a rise on its previous forecast in June of 6.9% and was the fastest rate across the so-called G7 richest nations and third fastest across the wider G20.

The latest estimates from the OECD continue to make for grim global reading, with the UK also continuing to lag behind many of its peers on growth expectations.

Plus, a former governor of the Bank of England has told Sky News that while it was too slow to turn off the stimulus taps after the COVID pandemic, its actions to tame inflation are now "in the right area."

Lord Mervyn King, who presided over the Bank’s response to the global financial crisis in 2008, was speaking as current policymakers prepare to meet ahead of the next interest rate decision on Thursday.

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