The Organisation for Economic Co-operation and Development has reduced its 2025 and 2026 growth forecasts for the UK, citing global uncertainties and trade policy changes. This poses challenges for the upcoming budget update by Chancellor Rachel Reeves. 

Financial markets worldwide are experiencing volatility as trade tensions between the United States and Canada escalate. The recent imposition of tariffs by both nations has led to concerns over a potential trade war, impacting investor sentiment and causing fluctuations in currency and commodity markets.