The minister pointed out that the country’s gross domestic product (GDP) will grow 4.2% in 2022, to then fall 1.4% in 2023 and rise 1.3% in 2024, 2.6% in 2025 and 2.7% the following year.
At the same time, he announced tax increases and spending cuts, clarifying that his fiscal plan has three priorities: “stability, growth and public services.”
Minutes before, the Government published on social networks in which the minister stated that “we have to make some tough decisions to restore stability and reduce inflation.” Prime Minister Rishi Sunak also appears in the video and claims that the fiscal plan announced on Thursday “will help provide long-term stability that this country needs.”
Hunt’s plan is seen as crucial to restore economic stability and government credibility after former Finance Minister Kwasi Kwarteng, under Liz Truss, wreaked havoc on the financial markets.
The UK CPI stood at 11.1% in Octoberone percentage point more than in September and the highest level in 41 years, as reported by the National Statistics Office.
Source: Ambito
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