‘British economy is back’

economy16 Apr ’23 at 11:12Author of the book: Myrtle Koopman

Britain’s economy is ‘recovering’, British Chancellor of the Exchequer Jeremy Hunt says, BBC reports. His strategy to further boost the economy was welcomed at the International Monetary Fund meeting in Washington, Hunt said.

British Chancellor of the Exchequer Jeremy Hunt says the UK economy is ‘recovering’. (ANP / Eyevine)

Nice track

The British Chancellor of the Exchequer said the IMF sees him as “putting the UK economy back on track”. It was a very different picture from the previous IMF meeting in October. His predecessor Kwasi Kwarteng left the meeting early amid a barrage of criticism.

Also Read | UK economy unexpectedly stagnates, ‘only growth next year’

However, the latest figures do not show that the UK economy grew in February. The BBC writes. Earlier this week, the IMF also predicted that the British economy would contract by 0.3 percent in 2023. It would become one of the worst performing major economies in the world.

Recession averted

According to Hunt, precisely ‘other finance ministers say Britain is back’. He responded to a question about whether the UK’s current economic performance undermined his positive message. After months of strikes, soaring prices and labor shortages, the UK economy has only just returned to pre-pandemic levels.

‘I am confident of faster growth and lower inflation in the coming months’

Jeremy Hunt, British Chancellor of the Exchequer

Finance Minister says it is important to prevent further increase in inflation due to wage hike. According to Hunt, Britain has avoided recession ‘so far’. “I believe growth will accelerate and inflation will fall in the coming months,” Hunt said. Growth in the economy should be fueled by measures that help companies hire more employees and increase investment.

to believe

However, confidence in the British economy was shattered last year by Prime Minister Trudeau’s short-lived government. Former finance minister Kwarteng presented an economic strategy that included big tax cuts, without explaining how they would be financed. The current banking crisis may also hamper the growth of the British economy.

Also Read | A blow to the British: Inflation rises unexpectedly sharply

However, Hunt believes the UK has a ‘much more robust and resilient banking system’ and is in a better position than it was before the 2008 financial crisis.

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