The country’s economy will fall even further in 2023, according to the International Monetary Fund, as a result of cuts in government spending and the effects of high energy prices. According to the IMF’s most recent update of its economic projections, the UK’s gross domestic product (GDP) will decline by 0.6% in 2023.
Britain’s outlook was cut, whilst the majority of other nations’ estimates were enhanced, casting further doubt on the chancellor Jeremy Hunt and Prime Minister Rishi Sunak’s ability to deal with the crisis.
Britain’s 0.6% decline is the lowest in the developed world, and even Russia, which despite facing sanctions from most of the West, is projected to grow by 0.3%. Hunt has already stated that he intends to reduce the budget deficit and raise taxes in the upcoming years, which will raise prices for consumers and businesses.
Meanwhile the old and vulnerable amongst our people will continue to struggle with rising prices, which for some will have tragic consequences. The millionaire chancellor described the dire prediction as “short-term challenges.”
Tell that to the family of Barbara Bolton, an 87-year-old from Bury who died of hypothermia recently, having told her doctor she couldn’t afford to heat her home because of the current economic situation (sorry, short-term challenge).
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Top: Image by Darko Djurin from Pixabay.
Our ‘Heat or Eat – The Deadly Reality’ post can be viewed here >>
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