Chancellor says that British economy is still in trouble

2023-02-12 03:02:13

(MENAFN) Following the publication of statistics indicating the country has narrowly averted a recession, Chancellor of the Exchequer Jeremy Hunt warned on Friday that the United Kingdom economy is still experiencing difficulties.

The Office for National Statistics reports that the GDP saw no growth in the fourth quarter of the last year and a monthly loss of 0.5 percent in December.

Hunt informed the Guardian that “the fact the UK was the fastest growing economy in the G7 last year, as well as avoiding a recession, shows our economy is more resilient than many feared.”

In the third quarter of last year, the GDP dropped by 0.3 percent. Technical recession, which is indicated by two consecutive quarters of fall, would have resulted from another contraction.

“However, we are not out (of) the woods yet, particularly when it comes to inflation,” the chancellor emphasized. Noting that “if we stick to our plan to halve inflation this year, we can be confident of having amongst the best prospects for growth of anywhere in Europe.”

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