Chancellor Jeremy Hunt insists UK economy has 'turned a corner' – tells public to 'stick to the plan' for 'good times' | Business news

The chancellor told Sky News that the UK's technology sector was „a huge positive” for families across the country – in a preview of possible economic arguments at the next general election.

By Sarah Taaffe-Maguire, business reporter and Ed Conway, economics and data editor

Wed 17 Apr 2024 18:28, UK

Chancellor Jeremy Hunt has said that „good times are ahead” but that the fundamentals of the UK economy are „very strong”.

Speaking to Sky News in Washington, Mr Hunt pointed to inflation data from today A fall in the inflation rate As well as latest jobs statistics and IMF Economic Growth Forecasts.

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Mr Hunt said: „I think the economy, we're seeing, has turned a corner and people are starting to feel that.”

„That will continue throughout the year. But the fundamentals for the UK economy are, yes, very strong indeed,” he added.

Last year's cost-of-living crisis, caused by double-digit inflation, was severe, Mr Hunt said.

But he insisted that sticking to his economic plan, along with the Bank's work to control interest rates, would bring „better times” – a sign of potential economic news from the Tories ahead of the upcoming general election.

Jeremy Hunt urged the public to 'stick to the plan'

„If we stick to that plan, we can see good times in the future,” he said.

He added: „We're not pretending it's not difficult, it's very difficult in the UK and many other countries.

„We now have the largest technology sector in Europe. This is a huge plus for families up and down the country in the years to come.”

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Then when asked about the economic sanctions on Iran Attack on Israel Last weekend, Mr Hunt said he would push for more in his meetings with G7 leaders and US Treasury Secretary Janet Yellen.

„What I'm saying is this: The talk ten days ago was that the West was withdrawing from support for Israel. But when Iran attacked Israel, Western support remained firm.

„And if Iran takes steps to destabilize the global economy by doing what it is doing in the Middle East, they will face a concerted response from the West,” he said.

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I don't want to say anything negative about Liz Truss

Mr Hunt refused to speak ill of the former prime minister Liz dress When asked if he was harming the Conservative Party.

„I think Liz will be the first to accept that mistakes were made during her tenure as prime minister,” he said of his 50-day tenure.

Government borrowing costs increased during his premiership; The pound fell to a 37-year low against the dollar – making imports more expensive; Mortgage rates rose and the Bank of England intervened on an unprecedented scale Pension funds must stop collapsing.

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„He appointed me as chancellor, so I don't want to say anything negative about Liz Truss,” Mr Hunt said.

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