The Office for Budget Responsibility sees the UK economy in recession for 2023, although it is forecast to grow again in the final quarter before expanding more rapidly across 2024. The UK is the only G-7 economy with GDP below pre-Covid levels.
Chancellor of the Exchequer Jeremy Hunt is expected to disappoint investors and his critics in the UK ruling party Friday by rejecting calls for tax cuts, even as he argues that Brexit will drive economic growth.
Hunt will use a speech at Bloomberg’s European headquarters in London to suggest he can use freedoms secured by leaving the European Union to tackle a crisis in economic inactivity and improve sluggish growth figures.
