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