LONDON (Reuters) – Britain is no longer forecast to enter a recession this year, finance minister Jeremy Hunt said on Wednesday, adding that inflation was forecast to fall to 2.9% by the end of the year.
“Today the Office for Budget Responsibility forecast that because of changing international factors and the measures I take, the UK will not now enter a technical recession this year,” he said as he presented his budget in parliament.
“Despite continuing global instability, the OBR report today that inflation in the UK will fall from 10.7% in the final quarter of last year to 2.9% by the end of 2023.”
(Reporting by Sarah Young; editing by William James)