UK to avoid recession this year, return to growth in 2024 – Hunt

By Frank Prenesti

The British economy is forecast to grow by 1.8% next year and avoid a technical recession in 2023, said Finance Minister Jeremy Hunt, citing the Office for Budgetary Responsibility.
Delivering his spring Budget of tax and spending measures to parliament, Hunt added that the OBR had reversed its previous estimate of a technical recession this year, but still contract by 0.2%.

He told the House of Commons that GDP would expand by 2.5% in 2025, then 2.1% and 1.9% in the following financial years to 2027/28.

Debt as a proportion of GDP would be 92.4% next year, then 97.3%, 94.6%, 94.8%, before falling to 94.6% in 27-28.

The OBR also forecast the unemployment rate to rise by less than one percentage point, to 4.4% with 170,000 fewer people out of work, compared to its autumn forecast.

Reporting by Frank Prenesti for Sharecast.com

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