In his first full speech to Parliament, chancellor Jeremy Hunt said that the UK has "proved the doubters wrong" and confirmed that the country will not enter a technical recession in 2023.
Announcing the Spring Budget, Hunt stressed predictions that inflation rates will fall from their 10.7 per cent high, reached in the final quarter of 2022, to 2.9 per cent by the end of 2023. The chancellor described this as a sign that the government's economic measures are "working".
Despite his announcement, the Office for Budget Responsibility (OBR) still forecast a contraction of 0.2 per cent this year.
“We remain vigilant and will not hesitate to take whatever steps are necessary for economic stability," Hunt added.
During his speech, Hunt announced a package of measures aimed at reducing the pressure that the cost-of-living crisis has had on the UK population. It was confirmed that the government will extend the Energy Price Guarantee...