Britain's Chancellor of the Exchequer Jeremy Hunt poses with the red Budget Box as he leaves 11 Downing Street in central London on March 15, 2023, to present the government's annual budget to Parliament. (Photo by JUSTIN TALLIS / AFP)
London: U.K. Treasury chief Jeremy Hunt has predicted the country will not enter technical recession this year.
Hunt summed up the state of the British economy by saying authorities remain vigilant and "take whatever steps are necessary for economic stability.’’
"Today the Office for Budget Responsibility forecast that because of changing international factors and the measures I take, the U.K. will not now enter a technical recession this year,’’ he told the House of Commons on Wednesday.
He added that Britain’s independent budget watchdog "forecast we will meet the Prime Minister’s priorities to halve inflation, reduce debt and get the economy growing. We are following the plan and the plan is working. But that’s not all we’ve done.’’
There have been predictions that the country would dip into recession in part because of record inflation and rising energy prices due to the war in Ukraine.
