Recession to be avoided as economy proves doubters wrong, Jeremy Hunt says
The IndependentSign up to our free Brexit and beyond email for the latest headlines on what Brexit is meaning for the UK Sign up to our Brexit email for the latest insight Sign up to our Brexit email for the latest insight SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK will avoid entering a recession Jeremy Hunt said as he hailed an economy “proving the doubters wrong”, although growth remains sluggish. He said the economy would avoid a technical recession, although the Office for Budget Responsibility still forecast a contraction of 0.2% this year, a significant improvement on the -1.4% predicted in November. Opening his Budget statement, Mr Hunt told MPs: “In the face of enormous challenges, I report today on a British economy which is proving the doubters wrong.” A technical recession – two quarters of negative growth – will be avoided, the OBR said. He also told MPs: – Underlying debt is forecast to be 92.4% of gross domestic product next year, 93.7% in 2024-25; 94.6% in 2025-26, and 94.8% in 2026-27, before falling to 94.6% in 2027-28.
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