Don't Be Too Happy, Jeremy Hunt Warns About UK Economy!


 Although the UK economy was recorded to grow in October, the fact is that Finance Minister Jeremy Hunt sees growth in the country expected to be worse.

For context, the Office for National Statistics (ONS) released gross domestic product (GDP) data on Monday which showed a better-than-expected 0.5% increase in October.

The recovery follows a contraction recorded in September when output was affected by an additional bank holiday in conjunction with the funeral of Queen Elizabeth II.

It also marked the biggest expansion since November 2021 and was higher than the 0.4% rise forecast by the market.

Despite this, Jeremy Hunt said that although the figures showed some growth, he expected a difficult 'road' ahead.

This is because the UK has also experienced the impact of Covid-19, the Russia-Ukraine war and high global gas prices like most other European countries.

He also stated the uncertainty as to whether inflation has peaked or not and the reading to be published on Wednesday will be the main focus.

The Bank of England (BOE) is still trying to rein in inflation that has hurt growth and is poised to raise interest rates again on Thursday despite a worsening economic outlook.