The UK to avoid recession, says Hunt

The UK is expected to avoid a technical recession in 2023, according to the Office for Budget Responsibility, Jeremy Hunt has told the Commons.

He says he’s reporting today on a “British economy that is proving the doubters wrong”.

The rate of price rises, or inflation, is forecast to fall to 2.9% by the end of 2023, according to the Office for Budget Responsibility.

Following difficult decisions to deliver stability in the Autumn, he says, government borrowing costs have fallen, mortgage rates are down and inflation has peaked.

The chancellor says the IMF have said the UK economy is on right track, but the government will remain vigilant and won’t hesitate to take any steps for economic stability.