Slow growth forecast for UK economy

Influential think-tank the Organisation for Economic Co-operation and Development (OECD) believes the UK’s economy will grow more slowly over the next quarter than that of any other G7 country apart from catastrophe-stricken Japan.

The OECD estimates that the UK’s gross domestic product (GDP) will grow by an annualised rate of 1% in the second quarter of 2011, compared with its previous forecast of 1.3% in November.