In a grim prediction by the International Monetary Fund, the UK is the only G7 nation power that is said to see its economy shrink this year - faring worse than Russia 📉
Britain will suffer more from soaring inflation and higher interest rates than any other advanced nation
He said: ‘First, there is exposure to natural gas… we’ve had a very sharp increase in energy prices in the UK. There is a larger share of energy that is coming from natural gas, with a higher pass-through to final consumers. Pressure has now piled on Chancellor Jeremy Hunt to find a solution for the UK’s spiralling economic downturn.Responding to the IMF’s gloomy prediction, he said the country ought to ‘stick to its plan’.
Government minister Richard Holden argued the IMF has been ‘wrong’ before and the UK will outperform its economic forecasts.He told Times Radio: ‘They’ve been wrong in the last two years, the OECD were also wrong over the last two years. I think Britain can beat those predictions.’ It combines factors like the total value of goods and services produced, everyone’s income, and what everyone in the country has spent.
There could be hope for slight economic recovery in 2024 however, when the IMF has predicted GDP will rise from 0.9% to 0.6%.
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