UK heads for five years of lost growth as levelling up fails

Little real wage growth is forecast for low-income households. Picture: Hollie Adams/Bloomberg

The UK is headed for five years of lost economic growth as the government fails to “level-up” the country’s regions and reduce inequality, an influential think tank says.

Gross domestic output is unlikely to return to its pre-pandemic level before 2024, according to forecasts from the London-based National Institute of Economic and Social Research.