UK Treasury Secretary’s Recession Statement – WORLD


UK Treasury Secretary’s Recession StatementBritish Finance Minister Jeremy Hunt said that this year the British economy will not enter a technical recession, and inflation will fall to 2.9 percent by the end of the year.In his speech to Parliament on the UK government’s “spring” budget, Minister Hunt said his government’s public support through energy companies would continue to reduce household bills, and noted that household electricity bills would be kept at €2,500. pounds a year for the next three months. In his speech, Hunt said the economy could contract by 0.2 percent later this year, according to Office of Accountability (OBR) estimates, but the economy will not contract for two consecutive quarters so that the economy The country did not enter a technical recession. Minister Hunt said he predicted inflation would fall from 10.7 percent to 2.9 percent by the end of 2023. the next two years will be allocated to non-governmental organizations working to reduce suicide in the country, and £100 million to all other non-governmental organizations. Hunt said the UK government’s second priority after lowering inflation is to reduce public debt, and noted that the ratio of total public debt to gross domestic product (GDP) is expected to fall to 92.4 percent next year. Turkey’s defense budget increased by 11 billion pounds over the next 5 years, Minister Hunt noted that the share of the country’s defense budget in total GDP will reach 2.25 percent in 2025. Minister Hunt said they intend to raise that rate to 2.5 percent as soon as possible. Minister Hunt said companies with annual incomes over £250,000 would pay 25 percent corporate tax instead of 19 percent from April. Treasury Secretary Jeremy Hunt stressed that investment in nuclear power would be defined as “environmentally sustainable” investment, similar to investment in renewable energy, and thus nuclear investors would be able to take advantage of public incentives.

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