UK economy struggles to recover after last year's budget.

UK finance minister Jeremy Hunt will deliver a budget for growth against a gloomy backdrop of a stagnant economy, inflation eroding pay, supply chain fragility, and the worst wave of strike action in 30 years. The UK is the only major economy forecast to contract this year, and Brexit has contributed to import price increases, weakened exports, reduced investment, and labor shortages. Hunt is expected to announce incentives to increase business investment but is also expected to hike corporation tax from 19% to 25%. The collapse of Silicon Valley Bank could make matters worse, weighing on consumer demand and investment spending.