UK government is trying to cut red tape to stimulate growth, as US president confirmed the US will implement reciprocal and sectoral tariffs next month

• Reeves to outline plan to cut regulation costs and boost growth

Newsflash: The OECD has slashed its forecast for growth among advanced economies this year, as Donald Trump’s trade war bites.

In its latest economic outlook, the OECD has lowered its forecast for growth among G20 countries this year to 3.1%, down from 3.3% expected in December.

Global GDP growth is projected to moderate from 3.2% in 2024, to 3.1% in 2025 and 3.0% in 2026, with higher trade barriers in several G20 economies and increased geopolitical and policy uncertainty weighing on investment and household spending.

Recent activity indicators have begun to point to a softening of global growth prospects. Business and consumer sentiment have weakened in some countries, and indicators of economic policy uncertainty have risen markedly around the world.