The International Monetary Fund predicts the British economy will perform the worst of all developed nations – including sanctions-hit Russia – by contracting 0.6% in 2023, despite being “on the right track.”
IMF chief economist Pierre-Olivier Gourinchas said the UK had some of the most substantial growth numbers in Europe last year. Still, they depended on an over-reliance on expensive LNG.
Exchequer Chancellor Jeremy Hunt admitted there was unlikely there would be room for tax cuts in the Spring Budget, with inflation remaining near its highest level in four decades.
