Chancellor Jeremy Hunt has warned of a “tough road ahead” despite official figures showing Britain’s economy grew in October.
Economists described October’s 0.5% per cent growth as a “false dawn” and expect the growth to be short-lived with the economy slumping to negative growth of 0.3% for the three months to October, suggesting the UK is still on course to slide into recession by the end of the year.
“While today’s figures show some growth, I want to be honest that there is a tough road ahead,” Hunt said in a statement.
“Like the rest of Europe, we are not immune from the aftershocks of Covid-19, Putin’s war and high global gas prices.”
“Our plan has restored economic stability and will help drive down inflation next year, but also lay the foundations for long-term growth through continued record investment in new infrastructure, science and innovation” the statement said.
"It's a very challenging international picture. About a third of the world's economies are predicted to be in recession either this year or next. We're no different in this country" Hunt told Sky News in an interview.