Yesterday the IMF confirmed our economy is on the right track, upgrading our growth forecast and substantially reducing our inflation forecast, as we deliver on the Prime Minister’s priorities of halving inflation, growing the economy, and reducing debt.
Since the IMF’s last assessment of the UK economy in 2022, our world and our economy has been challenged fundamentally by Putin’s illegal war in Ukraine, and the whole continent is feeling the knock-on effects.
That is why I welcome the IMF report upgrading our forecast – our economy is set to grow this year, after a 0.7 per cent upgrade compared with last month’s forecast and inflation is set to fall to around 5 per cent by the end of the year. The UK's latest inflation rate has fallen to 8.7% in April, from 10.1% in March. If we stick to our plan, the IMF confirm our long-term growth prospects are stronger than Germany, France and Italy’s.
While the job is not done yet, we are on the right track to deliver on the Prime Minister’s priorities to halve inflation, grow our economy, and get debt falling, as we continue to take action to cut waiting lists and stop the boats.