UK will not enter a recession this year, Finance Minister Jeremy Hunt says in budget speech

LONDON — British Finance Minister Jeremy Hunt said Wednesday that the U.K. system would not participate a method recession successful 2023, arsenic was antecedently anticipated.

The updated outlook was based connected caller forecasts from the autarkic Office for Budget Responsibility, Hunt said.

A method recession takes spot erstwhile a state observes 2 consecutive quarters of contractions successful its existent GDP.

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