UK TO HAVE SLOWEST GROWTH OF G7 NATIONS IN 2023, SAYS IMF

The UK faces slower economic growth and more persistent inflation than any other G7 economy next year, according to an International Monetary Fund (IMF) forecast (Reuters). The IMF predicts that the UK’s economy will grow by just 1.2 per cent in 2023 and that its inflation will be higher than every other G7 member and slower to return to its two per cent target (Financial Times).

The IMF has cut its expectations for global growth to 3.6 per cent this year, down from a January projection of 4.4 per cent (The Times). 

NEW MEASURES TO PROTECT CONSUMERS FROM FAKE REVIEWS AND SUBSCRIPTION TRAPS

The government has announced a series of measures to tackle fake product reviews and subscription traps (The Times). Clearer rules will be introduced, making it easier for consumers to opt out of subscriptions they no longer want. Prepayment schemes such as Christmas savings clubs will also have to safeguard customers' money through insurance or trust accounts (Sky News).

The Competition and Markets Authority will be able to award compensation to consumers and directly impose financial penalties worth up to ten per cent of global annual turnover for businesses that transgress the new rules, or up to £300,000 in the case of an individual (BBC News). 

NEWS IN BRIEF

HM Revenue & Customs has announced that it intends to revoke the Moscow Exchange’s status as a recognised exchange, removing investors’ ability to access tax benefits when trading securities on the bourse (Financial Times).

More employers are looking to hire permanent members of staff despite concerns about the economic outlook, according to new research published by the Recruitment and Employment Confederation (The Times).

Chief executives of the UK's largest energy suppliers have called for the energy price cap to be abolished (Sky News).

The cost of government borrowing has sharply increased with the yield on ten-year government bonds rising to nearly two per cent, its highest level since 2015 (The Times).