{"id":91399,"date":"2023-04-14T20:45:10","date_gmt":"2023-04-14T20:45:10","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/"},"modified":"2023-04-14T20:45:10","modified_gmt":"2023-04-14T20:45:10","slug":"britains-economy-is-back-says-chancellor","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/","title":{"rendered":"Britain’s economy is back, says chancellor"},"content":{"rendered":"
\n

Chancellor Jeremy Hunt says the UK economy is “back” and his growth strategy was welcomed at the International Monetary Fund meeting in Washington.<\/b><\/p>\n<\/div>\n

\n

His predecessor, Kwasi Kwarteng, left the last IMF meeting in October amid a barrage of criticism.<\/p>\n<\/div>\n

\n

Mr Hunt said the International Credit Organization saw him “putting the UK economy back on track”.<\/p>\n<\/div>\n

\n

However, the latest figures show that the UK economy did not grow in February.<\/p>\n<\/div>\n

\n

On Wednesday, the IMF said it expected the UK economy to contract by 0.3% in 2023, making it one of the worst-performing major economies in the world.<\/p>\n<\/div>\n

\n

Asked if the UK’s current performance is undermining its positive message, Mr Hunt said: “It’s other finance ministers who are telling me Britain is back.”<\/p>\n<\/div>\n

\n

The UK economy has only just recovered to its pre-pandemic size after months of industrial action, soaring prices and labor shortages.<\/p>\n<\/div>\n

\n

On Friday, nurses at the RCN union rejected an offer of a 5 percent pay rise and said they planned to go on strike again in early May. Meanwhile, NHS junior doctors in England are currently staging a four-day strike over pay, ending at 7am on Saturday.<\/p>\n<\/div>\n

\n

The spate of industrial action taken by the UK in recent months has contributed to its lack of growth, the Office for National Statistics said this week.<\/p>\n<\/div>\n

\n

However, Mr Hunt said it was important to avoid further inflation from wage increases. He said the UK has avoided recession “so far” this year and he hopes for faster growth and falling inflation in the coming months. <\/p>\n<\/div>\n

\n

Measures in its March budget to help companies recruit more staff and boost investment, including an increase in childcare funding, should boost growth, he added.<\/p>\n<\/div>\n

\n

Investor confidence in the UK was shaken during the short-lived government of Prime Minister Liz Truss last year when Mr Kwarteng unveiled an economic strategy that included large tax cuts without explaining how they would be funded. <\/p>\n<\/div>\n

\n
\n
    \n
  • Nurses go on public holiday strike as a collective bargaining agreement was rejected<\/li>\n
  • Pay raises above inflation would be a mistake – Hunt<\/li>\n
  • Strikes cause UK economy to stagnate in February<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
    \n

    The outlook for the UK, which is heavily dependent on financial services, could be clouded by the current uncertainty in the banking sector following the collapse of three US banks and UBS’s emergency takeover of Credit Suisse.<\/p>\n<\/div>\n

    \n

    However, Mr Hunt said the UK has “a very robust, resilient banking system” which is in a much better position now than it was before the 2008 financial crisis.<\/p>\n<\/div>\n

    \n

    “Am I confident in the resilience of our banking system, the second largest financial services center in the world?” Yes, I am,” he said.<\/p>\n<\/div>\n

    \n

    As the government considers reforming some of the financial services rules put in place after 2008, Mr Hunt said the plan was “not to forget the lessons of the financial crisis”.<\/p>\n<\/div>\n

    \n

    “We’re looking at all of these things, but we’re not going to do it in a way that falls back on any of the very important safeguards that we have,” he said.<\/p>\n<\/div>\n

    \n

    But he said the growth of the UK’s tech and life sciences industries meant regulations needed to adapt.<\/p>\n<\/div>\n

    \n

    \u201cWe have a lot of high growth companies in the UK and they need banking services that suit their needs. And that’s different from ten years ago,” he said.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Chancellor Jeremy Hunt says the UK economy is “back” and his growth strategy was welcomed at the International Monetary Fund meeting in Washington. His predecessor, Kwasi Kwarteng, left the last IMF meeting in October amid a barrage of criticism. Mr Hunt said the International Credit Organization saw him “putting the UK economy back on track”. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-91399","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nBritain's economy is back, says chancellor - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Britain's economy is back, says chancellor\" \/>\n<meta property=\"og:description\" content=\"Chancellor Jeremy Hunt says the UK economy is “back” and his growth strategy was welcomed at the International Monetary Fund meeting in Washington. His predecessor, Kwasi Kwarteng, left the last IMF meeting in October amid a barrage of criticism. Mr Hunt said the International Credit Organization saw him “putting the UK economy back on track”. […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/\" \/>\n<meta property=\"og:site_name\" content=\"Tahrir News\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-14T20:45:10+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/tahrir2day.com\/news\/#website\",\"url\":\"https:\/\/tahrir2day.com\/news\/\",\"name\":\"Tahrir News\",\"description\":\"News all over the world\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/tahrir2day.com\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/#webpage\",\"url\":\"https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/\",\"name\":\"Britain's economy is back, says chancellor - Tahrir News\",\"isPartOf\":{\"@id\":\"https:\/\/tahrir2day.com\/news\/#website\"},\"datePublished\":\"2023-04-14T20:45:10+00:00\",\"dateModified\":\"2023-04-14T20:45:10+00:00\",\"author\":{\"@id\":\"https:\/\/tahrir2day.com\/news\/#\/schema\/person\/5eb9492fbc67154812b39589e826b6e4\"},\"breadcrumb\":{\"@id\":\"https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/tahrir2day.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business\",\"item\":\"https:\/\/tahrir2day.com\/news\/category\/business\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Britain’s economy is back, says chancellor\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/tahrir2day.com\/news\/#\/schema\/person\/5eb9492fbc67154812b39589e826b6e4\",\"name\":\"megahed\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/tahrir2day.com\/news\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/0ee3294b28670178246ce92a6679bf959bc435d2fcd9cb9ab078702487c106df?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/0ee3294b28670178246ce92a6679bf959bc435d2fcd9cb9ab078702487c106df?s=96&d=mm&r=g\",\"caption\":\"megahed\"},\"sameAs\":[\"https:\/\/tahrir2day.com\/news\"]}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Britain's economy is back, says chancellor - Tahrir News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/","og_locale":"en_US","og_type":"article","og_title":"Britain's economy is back, says chancellor","og_description":"Chancellor Jeremy Hunt says the UK economy is “back” and his growth strategy was welcomed at the International Monetary Fund meeting in Washington. His predecessor, Kwasi Kwarteng, left the last IMF meeting in October amid a barrage of criticism. Mr Hunt said the International Credit Organization saw him “putting the UK economy back on track”. […]","og_url":"https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/","og_site_name":"Tahrir News","article_published_time":"2023-04-14T20:45:10+00:00","twitter_card":"summary_large_image","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/tahrir2day.com\/news\/#website","url":"https:\/\/tahrir2day.com\/news\/","name":"Tahrir News","description":"News all over the world","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/tahrir2day.com\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/#webpage","url":"https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/","name":"Britain's economy is back, says chancellor - Tahrir News","isPartOf":{"@id":"https:\/\/tahrir2day.com\/news\/#website"},"datePublished":"2023-04-14T20:45:10+00:00","dateModified":"2023-04-14T20:45:10+00:00","author":{"@id":"https:\/\/tahrir2day.com\/news\/#\/schema\/person\/5eb9492fbc67154812b39589e826b6e4"},"breadcrumb":{"@id":"https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/tahrir2day.com\/news\/2023\/04\/14\/britains-economy-is-back-says-chancellor\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/tahrir2day.com\/news\/"},{"@type":"ListItem","position":2,"name":"Business","item":"https:\/\/tahrir2day.com\/news\/category\/business\/"},{"@type":"ListItem","position":3,"name":"Britain’s economy is back, says chancellor"}]},{"@type":"Person","@id":"https:\/\/tahrir2day.com\/news\/#\/schema\/person\/5eb9492fbc67154812b39589e826b6e4","name":"megahed","image":{"@type":"ImageObject","@id":"https:\/\/tahrir2day.com\/news\/#personlogo","inLanguage":"en-US","url":"https:\/\/secure.gravatar.com\/avatar\/0ee3294b28670178246ce92a6679bf959bc435d2fcd9cb9ab078702487c106df?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0ee3294b28670178246ce92a6679bf959bc435d2fcd9cb9ab078702487c106df?s=96&d=mm&r=g","caption":"megahed"},"sameAs":["https:\/\/tahrir2day.com\/news"]}]}},"_links":{"self":[{"href":"https:\/\/tahrir2day.com\/news\/wp-json\/wp\/v2\/posts\/91399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tahrir2day.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tahrir2day.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tahrir2day.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tahrir2day.com\/news\/wp-json\/wp\/v2\/comments?post=91399"}],"version-history":[{"count":0,"href":"https:\/\/tahrir2day.com\/news\/wp-json\/wp\/v2\/posts\/91399\/revisions"}],"wp:attachment":[{"href":"https:\/\/tahrir2day.com\/news\/wp-json\/wp\/v2\/media?parent=91399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tahrir2day.com\/news\/wp-json\/wp\/v2\/categories?post=91399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tahrir2day.com\/news\/wp-json\/wp\/v2\/tags?post=91399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}