NO RECESSION: UK no longer set to enter recession in MAJOR boost for Britons in Budget

THE Chancellor of the Exchequer, Jeremy Hunt, has announced a raft of economic policies during his Budget on Wednesday, March 15.  He also announced that the UK was no longer headed for a recession.

The chancellor reminded the House that the Office for Budget Responsibility predicted a recession in November 2022, and has now forecast the UK will not enter recession.  Instead, the economy is now predicted to grow by 1.8 per cent in 2024.

Among the policies announced, the chancellor revealed plans to build 12 new ‘Canary Wharfs’ across the north of England as well as in Scotland, Wales and Northern Ireland in bid to spread big business outside of London.

He also said he would freeze fuel duty for another 12 months, keeping the 5p cut on fuel prices, saving the average driver £100. His Brexit Pubs Guarantee will also decrease the duty on a pint by up to 11p.

In addition, in his budget the chancellor promised £100 million to support local charities in UK and said that prepayment metre energy charges will be brought into line with direct debit charges.

He also promised a €63 million fund to keep leisure centres going despite increasing energy costs.

The chancellor also claimed some wins for the UK economy in his budget amid widespread strikes, saying the UK’s film and TV industry has now become Europe’s largest.

He added that since 2010 the number of unemployed is now less than 1 million.  He also claimed victory on tax reductions for the poorest, with those earning up to £1,000 a month now paying no tax. This change has affected 4 million UK residents, he said.


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