UK Economy 'Proving the Doubters Wrong' with Energy Price Guarantee Extension

In a bid to boost the UK economy, Chancellor Jeremy Hunt has announced that the energy price guarantee will remain at £2,500 for the next three months. This move comes as part of his Spring budget, which aims to support households and businesses amidst rising costs.

According to the Office for Budget Responsibility (OBR), the rate of price rises, or inflation, is expected to fall from 10.7% in 2022 to 2.9% by the end of 2023. This forecast suggests that the economic outlook is improving, with the UK no longer likely to enter a technical recession this year.

In his budget speech, Hunt credited 'changing international factors and measures I take' for the improved economic prospects. He also highlighted the OBR's latest forecast as evidence that the UK economy is 'proving the doubters wrong'.

As part of his 'budget for growth', Hunt has unveiled plans to address various issues affecting households and businesses. These include measures to help with energy bills, childcare costs, and fuel prices, as well as decisions on corporate tax and pensions.

One significant announcement was the abolition of the pension lifetime allowance, which is expected to benefit retirees and stimulate economic growth.

Overall, Chancellor Hunt's budget aims to strike a balance between fiscal responsibility and economic stimulus. By extending the energy price guarantee and introducing other measures, he hopes to support the UK economy as it navigates the challenges posed by inflation and international market fluctuations.

By 'livx yahoo finance', Jeremy Hunt's Spring budget is expected to have a significant impact on the UK's economic prospects in the months ahead. As the country continues to adapt to changing global circumstances, Hunt's plans aim to ensure that the economy remains resilient and strong.

Livx yahoo finance