Labour needs a “growth miracle” if it is to fund its aspirations for public services, economists have warned, ahead of the King’s Speech.

Economists have raised doubts over the new Government’s ability to boost the economy and expect a repeat of the slow expansion in growth since the global financial crisis.

They predicted only slightly faster growth with the economy predicted to expand 0.8pc in 2024 and 1.3pc next year, according to Bloomberg’s monthly survey of 56 forecasters.

It comes as Sir Keir Starmer’s legislative programme will be laid out by the King during the State Opening of Parliament tomorrow.

Rachel Reeves said during ger first speech as Chancellor that “by growing our economy we can rebuild Britain and make every part of the country better off”.

Dennis Shen, a senior director at Scope Ratings, said: “Absent a growth miracle like the one targeted by the government, budget consolidation may prove challenging. 

“Although potential reforms can certainly support medium-run economic growth, our trend-rate-of-growth estimate of 1.5pc a year remains unchanged at this stage.”

Figures last week showed that the economy grew by 0.4pc in May, which was double the pace expected by economists. GDP expanded by 0.7pc in the first three months of the year.

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