UK Budget: No Recession, More Child Care, and Minimalist Approach
TL;DR Summary
UK Finance Minister Jeremy Hunt announced that the country's economy would not enter a technical recession in 2023, as previously anticipated. The updated outlook was based on new forecasts from the independent Office for Budget Responsibility. The OBR now predicts that the economy will contract by 0.2% this year, before growing by 1.8% in 2024 and 2.5% in 2025. Hunt also raised the pension allowance for higher earners and announced a package of support for working parents.
- UK will not enter a recession this year, Finance Minister Jeremy Hunt says in budget speech CNBC
- UK Budget Offers More Free Child Care as Work Incentive The New York Times
- What the Budget means for you and your money BBC
- Jeremy Hunt's UK Budget Is a Minimalist Master Class Bloomberg
- Good times are here again! What Hunt meant (but didn’t quite say) The Independent
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