Rising household debt and stagnant pay major threats to UK, says OECD

Thinktank downgrades growth forecast for 2017, saying Brexit uncertainty will mean Britain missing global upswing next year

Rising household debt and flatlining wages are becoming a major financial stability risk as Britain slows as a consequence of Brexit, the Organisation for Economic Co-operation and Development has said.

The warning from the Paris-based thinktank on Tuesday came as it argued Brexit uncertainty will result in Britain missing an upswing in global growth next year. The OECD forecasts UK growth will be the slowest among G7 nations next year, down from 1.5% this year to 1.2% in 2018 and 1.1% in 2019, when only Japan will grow at a slower rate.

Productivity is an economic measure of the efficiency of a workforce. It typically measures the level of output per hour of work, or per worker.