UK Budget: Mr Hunt presents his plan for growth

Britain’s Finance Minister Jeremy Hunt presented his budget on Wednesday, seeking to lift the world’s sixth-largest economy from stagnant growth. Below are the details tabled in Parliament:

Hunt inflation

“Despite continued global instability, the OBR today announced that UK inflation is expected to slow to 2.9% by the end of 2023 from 10.7% in the last quarter of last year.”

Look for the state of the economy

“In the face of huge challenges, today I bring you a report on the UK economy that proves the skeptics wrong. In the autumn, from mid-October, we took some tough decisions to ensure the stability and strength of 10-year gilt rates. Rates are low and inflation has peaked.”

Look for technological inertia

“Today the Office for Budget Responsibility has predicted that the UK will not enter a technical recession this year, due to changing international factors and the actions I am taking.

“We will deliver on the prime minister’s priorities of halving inflation, reducing debt and reviving the economy,” he predicted.

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