The chancellor also points to forecasts saying inflation will drop to 2.9% by the end of the year, claiming his fiscal measures are aiding the drastic fall.
Jeremy Hunt said the British economy is"proving the doubters wrong" and will avoid recession as he delivered his first budget speech.
The government's plan for the economy is"working", the chancellor said, as he delivered a"budget for growth". Despite continuing global instability, the OBR report today that inflation in the UK will fall from 10.7% in the final quarter of last year to 2.9% by the end of 2023.He said Office for Budget Responsibility forecasts for the economy indicated that the prime minister's goal of halving inflation this year would be met.
The chancellor told the Commons:"In the face of enormous challenges I report today on a British economy which is proving the doubters wrong. "In the autumn we took difficult decisions to deliver stability and sound money. Since mid-October, 10-year gilt rates have fallen, debt servicing costs are down, mortgage rates are lower and inflation has peaked.Politics live:
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