Economy ‘top 3 in G7 next year’
JEREMY Hunt said the economy is “on the up” as a report showed inflation is tumbling faster than previously expected.
Britain will also be in the top three economic performers in the G7 in 2025, the International Monetary Fund has forecasted.
Inflation, currently at 3.4%, is expected to fall to around 3% when the latest figures are published today.
In its report, the IMF predicted it would plunge to 2.5% this year, before reaching the Bank of England’s 2% target in 2025.
Growth is set to improve to 1.5% in 2025, putting the UK among the top three best performers in the G7 group of advanced democracies.
This will be driven by inflation easing and household incomes recovering after a prolonged cost-ofliving squeeze.
A Treasury spokesperson said: “Today’s report shows we are winning the battle against high inflation.” Mr Hunt will today head to America where he will meet with leaders from businesses to promote Britain’s financial services and creative industries. The Chancellor claimed the “improving position” will allow Britain to better co-operate with allies. He said: “The UK’s resilient economy is on the up, and it is from this improving position that we can be the best partner possible to our friends around the world.”
THE early signs of spring are not the only reasons why we should look to the future with optimism. Inflation is coming down faster than expected and Britain will be one of the top three performers in the G7, says the IMF.
The cost-of-living crisis has taught a new generation of Britons that inflation poisons prosperity and pushes families into often harrowing hardship.
No government can be complacent about this scourge; tackling it has required some very tough medicine but it is a dereliction of duty to let inflation creep up.
The IMF is also upbeat about the UK’s growth prospects.
Britain has faced a succession of horrendous economic storms but better days are not far off.
We should get ready to make the most of the coming opportunities.