OECD cuts UK growth forecasts; interest rates to remain higher for longer, Fed indicates – business live

Rolling coverage of the latest economic and financial newsUS Federal Reserve holds interest rates steady as inflation ticks upThe OECD blames high interest rates for Britain’s weak growth outlook, after the Bank of England lifted borrowing costs to a 16-year high.It says:“GDP growth is projected to remain sluggish [in the face of a] waning drag from past monetary tightening.”Developments continue to diverge across countries, with softer outcomes in many advanced economies, espe