Chancellor Jeremy Hunt claims the British economy is “back” and that his growth strategy has been supported at the International Monetary Fund gathering in Washington.
His predecessor, Kwasi Kwarteng, abruptly departed the previous IMF conference in October amid widespread criticism.
Mr Hunt stated that the international lending organization saw him as “putting the British economy back on track.”
However, according to the most recent data, the UK economy did not grow in February.
On Wednesday, the IMF predicted that the UK economy will contract by 0.3% in 2023, making it one of the world’s worst-performing big economies.
When asked if the UK’s current performance contradicted his positive message, Mr Hunt responded, “It’s other finance ministers who tell me Britain is back.”
Following months of industrial action, quickly rising prices, and labor shortages, the British economy has only just recovered to its pre-pandemic level.
On Friday, nurses in the RCN union rejected a 5% pay increase and announced that they would strike again in early May. Meanwhile, NHS junior doctors in England are on strike for four days over wages, which will conclude at 07:00 on Saturday.
The current wave of industrial action in the UK has contributed to the country’s lack of development, according to the Office of National Statistics.
Mr Hunt, on the other hand, stressed the importance of avoiding rising inflation through pay increases. He stated that Britain had avoided recession “so far” this year and that he expected greater growth and lower inflation in the months ahead.
Measures in his March Budget to assist firms in hiring more employees and increasing investment, including an increase in childcare financing, should spur development, he noted.
