The United Kingdom has already entered a recession, according to its minister of Economy

The Office for Budget Responsibility (OBR), which oversees the UK’s public accounts, estimates that the country has entered a recession and that British inflation will stand at 9.1% this yearBritish Chancellor of the Exchequer, Jeremy Hunt, announced Thursday.

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In a statement in the House of Commons (Lower) of Parliament to present the Conservative government’s fiscal plan, Hunt noted that the OBR expects inflation to stand at 7.4% in 2023.

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The minister pointed out that the country’s gross domestic product (GDP) will grow andl 4.2% in 2022, to then fall 1.4% in 2023 and rise 1.3% in 20242.6% in 2025 and 2.7% the following year.

The OBR, which has linked the sharp increase in inflation to rising energy prices globally, calculates that the unemployment rate in the United Kingdom will go from the current 3.6% to 4.9% in 2024 before falling to 4.1% the following year.

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The United Kingdom will borrow 177,000 million pounds (201,780 million euros) this fiscal year (from April to April), which is equivalent to 7% of British GDP, while in 2024 it expects to do so at 140,000 million pounds (159,600 million euros) -5.5% of GDP-.

The accumulated debt of the United Kingdom will begin to decline from 97.6% in fiscal year 2025-26 to 97.3% in 2027-2028.

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In his long-awaited parliamentary statement, Hunt said that the Executive has three fundamental pillars to tackle the economic crisis: financial stability, growth and the defense of public services, while it is determined to protect the most vulnerable groups, including pensioners. .

Inflation, he added, is the “enemy” of stability and insisted that it harms groups with lower incomes and can cause social unrest.

Hunt stressed that the United Kingdom is not the only country facing problems due to the sharp increase in inflation, since Germany or Italy are also experiencing similar problems.

EFE