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  • Jeremy Hunt braces nation for ‘tough road ahead’ as overall economy shrank 0.3 %

Jeremy Hunt braces nation for ‘tough road ahead’ as overall economy shrank 0.3 %

Published on December 12, 2022 at 10:11 PM

JEREMY Hunt braced the country for a “tough road ahead”; despite the economy bouncing back.

GDP grew 0.5 per cent in October.

The Chancellor painted a bleak picture, with figures showing the overall economy shrank 0.3 per cent in recent months

But the Chancellor painted a bleak picture, with figures showing the overall economy shrank 0.3 per cent in the last three months.

Experts say a recession is on the horizon.

Mr Hunt said: “High inflation, exacerbated by Putin’s illegal war, is slowing growth across the world, with the IMF predicting a third of the world economy will be in recession this year or next.

“While figures show some growth, there is a tough road ahead.”;

It comes as experts predict the Bank of England will raise interest to 3.5 per cent this week, the highest rate for 14 years.

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

“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 Treasury warning comes as the Bank of England looks set to raise interest rates this week with experts predicting a rise by half a point to 3.5 per cent, the highest for 14 years.

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