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The Office of Budget Responsibility (OBR) said the UK “will not enter a technical recession this year”.
Chancellor Jeremy Hunt said today (March 15) that changing international factors, as well as steps taken by the government, have helped prevent a recession.
OBR forecasts a decline in inflation from 10.7% in the fourth quarter of 2022 to 2.9% by the end of 2023.
“We are following the plan and the plan is working,” Hunt said.
The prime minister’s overall goal is to bring inflation back to the Bank of England’s target of 2%.
Hunt also said growth is a key priority for the government.
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