U.K. Finance Minister Jeremy Hunt said Wednesday that the economy would no longer enter a technical recession in 2023, based on new forecasts from the independent Office for Budget Responsibility.
British Finance Minister Jeremy Hunt that the U.K. economy would not enter a technical recession in 2023, while announcing the government's spring Budget.LONDON — British Finance Minister Jeremy Hunt said Wednesday that the U.K. economy would not enter a technical recession in 2023, as was previously anticipated.
The updated outlook was based on new forecasts from the independent Office for Budget Responsibility, Hunt said. A technical recession takes place when a country observes two consecutive quarters of contractions in its real GDP.
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