Jeremy Hunt says economy will avoid recession in 2023
The forecaster said the drop would be lower than previously expected but that real households' disposable income per person would still tumble 5.7% over the two financial years 2022-23 and 2023-24.The OBR forecasts also said inflation in the UK would fall from 10.7% in the final quarter of last year to 2.9% by the end of 2023.
"They see their tax burden at its highest level for 70 years and they know it's not the government that's lowering inflation. - saying it would be nearly 2.25% of GDP by 2025. The government's ambition is for it to reach 2.5%, he added. He told the Commons:"In the face of enormous challenges I report today on a British economy which is proving the doubters wrong.
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