The British economy is already in recession
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The UK economy is in recession, Treasury Secretary Jeremy Hunt said on Thursday during his speech in the House of Commons. His words are reported by Bloomberg. At the same time, by the end of 2022, the growth of the British economy will be 4.2%, the minister claims. Already in 2023, it will fall by 1.4% and return to growth by 1.3 and 2.6% in 2024 and 2025. respectively.
Hunt expects inflation to reach 9.1% in 2022 and 7.4% in 2023. The minister cited foreign policy conditions, including rising fuel prices due to reduced supplies, as the reason for the country’s record inflation over the past 40 years From Russia. The unemployment rate, he said, will rise from 3.6% in 2022 to 4.9% in 2023.
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