UK warned over ballooning debt costs and slower growth ahead of Budget

The UK faces downgraded growth forecasts according to the OECD, which now expects growth of 1% next year, down from 1.1%. IMF head Kristalina Georgieva emphasized the need for the UK and the US to reduce their debt due to rising borrowing costs. Prime Minister Andy Burnham must balance support for households with adherence to the government's fiscal commitments.