30 May 2024The International Monetary Fund (IMF) has stated that the Bank of England has scope to cut interest rates up to three times in 2024. The IMF upgraded the UK's growth forecast for 2024 and stated that the economy is 'approaching a soft landing' following the small recession in 2023. According to the IMF, GDP is expected to grow by 0.7% in 2024, representing an upgrade from its previous prediction of 0.5% growth for this year. However, long-term growth prospects are likely to remain 'subdued' as a result of weak labour productivity. Commenting on the matter, Chancellor Jeremy Hunt said: '[The] report clearly shows that independent international economists agree that the UK economy has turned a corner and is on course for a soft landing. 'The IMF has upgraded our growth for this year and forecast we will grow faster than any other large European country over the next six years, so it is time to shake off some of the unjustified pessimism about our prospects.'