Britain will face recession with only Russian economy worse unless taxes are CUT, top watchdog warns

BRITAIN will face recession unless taxes are cut, a top watchdog warned last night — just as Boris Johnson promised growth.

Only easing the burden or increasing spending will save the UK from being the G20’s worst performer, bar Russia, in 2023.

The Organisation for Economic Co-operation and Development said efforts to reduce debt were damaging the economy.

It forecast UK gross domestic product would flat-line at 0 per cent in 2023 after growing to 3.6 per cent this year.

However, in a glimmer of hope for the PM, it reckons inflation will fall to 4.7 per cent next year after peaking at around ten per cent this year.

It came as Tory peer Helena Morrissey resigned last night as a Foreign Office adviser shortly after telling a radio talk show: “I’d rather Boris Johnson didn’t carry on.”

Foreign Secretary Liz Truss found the comments “untenable” with Morrissey’s job, it was understood.

Mr Johnson, who faced MPs for the first time yesterday after 41 per cent of Tories expressed no confidence in him, is expected to touch on future economic plans today.

He will say: “The global headwinds are strong.

“But our engines are stronger.

“We have the tools we need to get on top of rising prices.

“And, while it’s not going to be quick or easy . . . we will emerge from this a strong country with a healthy economy.”

Tory rebels indicated they would not move against the PM for at least a few weeks while he tries to turn things around.

Chancellor Rishi Sunak privately told some Tories that he would not sanction tax cuts if it risked damaging the economy.