UK economy is 'back on the right track', says Chancellor

18 Apr 2023

Chancellor Jeremy Hunt has stated that the UK economy is 'back on track', and that his economic growth strategy was welcomed by the International Monetary Fund (IMF).

At a recent meeting with the IMF, the Chancellor said that the UK had the 'fastest growing G7 economy' in 2022 and stated that it has 'shown resilience' by avoiding recession.

However, the latest economic data from the Office for National Statistics (ONS) has indicated that the UK economy saw no growth in February, partly due to the effects of strikes by public sector workers.

The ONS found that a rise in construction activity was offset by strikes by civil servants and teachers.

Darren Morgan, Director of Economic Statistics at the ONS, commented: 'The economy saw no growth in February overall. Construction grew strongly after a poor January, with increased repair work taking place. There was also a boost from retailing, with many shops having a buoyant month.

'These were offset by the effects of civil service and teachers' strike action, which impacted the public sector, and unseasonably mild weather led to falls in the use of electricity and gas.'