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U.K. Economy Expected to Avoid Recession, Government Say
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LONDON—The U.K. government, seeing an improved outlook for its economy this year, said Wednesday it would offer new tax breaks for business investment, boost military spending and provide financial support to encourage older Britons and new parents to return to work.
In a speech to lawmakers, Treasury chief Jeremy Hunt said new forecasts from the independent Office for Budget Responsibility showed the U.K. would narrowly escape a technical recession this year. The OBR now expects the U.K. economy to shrink by a modest 0.2% this year compared with a previous estimate of a decline of 1.4%. Inflation is now forecast to fall to 2.9% by the end of the year, down from around 10% currently, according to the OBR.
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