The International Monetary Fund has downgraded the UK's GDP growth for 2023 to -0.6 per cent but Jeremy Hunt is expected to reject calls for fiscal stimulus
“Short-term challenges should not obscure our long-term prospects – the UK outperformed many forecasts last year, and if we stick to our plan to halve inflation, the UK is still predicted to grow faster than Germany and Japan over the coming years.”
A Treasury source argued that the rate of inflation was chiefly responsible for the recession and warned that growth would not return until the pace of price rises had been cut in half. The Chancellor is scheduled to address the 1922 Committee of Conservative MPs this week, where he will face questions over his strategy.
Rachel Reeves, Labour’s shadow Chancellor, said: “Britain has huge potential – but too many signs are pointing towards really difficult times for our economy, leaving us lagging behind our peers. “The Government should be doing all it can to make our economy stronger and to get it growing. It is the only way that we can move beyond lurching from crisis to crisis as we have been for far too long.”
According to the IMF projections, the US’s economy will grow by 1.4 per cent this year while France, Germany and Italy all experience growth of between 0.1 and 0.6 per cent. Britain’s forecast GDP growth for 2024 has been upgraded from 0.6 to 0.9 per cent.
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