JEREMY Hunt braced the country for a “tough road ahead”;; despite the economy bouncing back.
GDP grew 0.5 per cent in October.
The Chancellor painted a bleak picture, with figures showing the overall economy shrank 0.3 per cent in recent monthsBut the Chancellor painted a bleak picture, with figures showing the overall economy shrank 0.3 per cent in the last three months .
Experts say a recession is on the horizon.
Mr Hunt said: “High inflation, exacerbated by Putin’s illegal war, is slowing growth across the world, with the IMF predicting a third of the world economy will be in recession this year or next.
“While figures show some growth, there is a tough road ahead.”;;
It comes as experts predict the Bank of England will raise interest to 3.5 per cent this week, the highest rate for 14 years.
“While today’s figures show some growth, I want to be honest that there is a tough road ahead.
“Like the rest of Europe , we are not immune from the aftershocks of Covid-19 , Putin’s war and high global gas prices .
“Our plan has restored economic stability and will help drive down inflation next year, but also lay the foundations for long-term growth through continued record investment in new infrastructure, science and innovation.”;;
The Treasury warning comes as the Bank of England looks set to raise interest rates this week with experts predicting a rise by half a point to 3.5 per cent, the highest for 14 years.
