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Chancellor, Jeremy Hunt, warns of a “tough road ahead”


Chancellor, Jeremy Hunt, warns of a “tough road ahead” By Proactive Investors

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Economy 25 minutes ago (Dec 12, 2022 14:41)

© Reuters Chancellor, Jeremy Hunt, warns of a “tough road ahead”

Proactive Investors – Chancellor Jeremy Hunt has warned of a “tough road ahead” despite official figures showing Britain’s economy grew in October.

Economists described October’s 0.5% per cent growth as a “false dawn” and expect the growth to be short-lived with the economy slumping to negative growth of 0.3% for the three months to October, suggesting the UK is still on course to slide into recession by the end of the year.

“While today’s figures show some growth, I want to be honest that there is a tough road ahead,” Hunt said in a statement.

“Like the rest of Europe, we are not immune from the aftershocks of Covid-19, Putin’s war and high global gas prices.”

“Our plan has restored economic stability and will help drive down inflation next year, but also lay the foundations for long-term growth through continued record investment in new infrastructure, science and innovation” the statement said.

“It’s a very challenging international picture. About a third of the world’s economies are predicted to be in recession either this year or next. We’re no different in this country” Hunt told Sky News in an interview.

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Chancellor, Jeremy Hunt, warns of a “tough road ahead”

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