The United Kingdom is in a recession. That told Treasury Secretary Jeremy Hunt on Thursday when he presented his budget.
According to the economic outlook, the British economy will shrink by 1.4 percent in 2023. However, according to previous forecasts, the gross domestic product would still grow by 1.8 percent.
The economy is expected to grow again in 2024. As a result, inflation is expected to be 7.4 percent next year.
The economic situation in the UK will get worse before it gets better, Hunt said, according to the BBC.
He pointed, among other things, to factors such as the corona pandemic and the war in Ukraine, which increased energy and food prices.