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He added: “‘Trying forward, the primary six months of this 12 months are more likely to stay powerful with excessive rates of interest dragging on financial progress and inflation remaining effectively above goal. Nevertheless, issues look brighter within the second half of this 12 months. The inflation charge will in all probability fall to about 2.5%, which can permit the Financial institution of England to start out slicing rates of interest. On the identical time, actual earnings progress will proceed to rise and there may be the distinct chance of additional tax cuts coming in March. All this may imply extra shopper spending, which might be a constructive for the journey and lodge sector.”