The UK economy is set for a “soft landing” as it grows faster than previously expected following recession last year, according to the International Monetary Fund (IMF). However, the global financial agency stressed that ambitious structural reforms to improve living standards “are urgently needed” ahead of a general election later this year. The IMF said in a new report on the health of the UK economy that GDP (gross domestic product) in the country is expected to grow by 0.7% for 2024, following 0.6% growth over the first quarter. It represents an upgrade from the IMF’s previous prediction of 0.5% growth for the year. The IMF said on Tuesday that it then expects growth of 1.5% in 2025 – in line with its previous forecast – as real incomes are supported by slowing inflation and easing wider financial conditions. Nevertheless, the UK economy’s longer-term growth prospects “remain subdued” due to weak labour productivity and higher-than-expected inactivity levels due to illness. It comes after the UK economy fell into recession over the latter half of 2023, with declines of 0.1% and 0.3% in the third and fourth quarters respectively. Growth had stalled in the face of higher borrowing costs, with UK...