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UK economy 'turning a corner', says Hunt, after news of recession

Published 15/02/2024, 12:39
© Reuters. FILE PHOTO: British Chancellor of the Exchequer Jeremy Hunt looks on as he speaks at the Resolution Foundation, in London, Britain December 4, 2023. REUTERS/Hollie Adams/File Photo

LONDON (Reuters) - British finance minister Jeremy Hunt said on Thursday the economy was turning a corner and that forecasts pointed to stronger growth in the coming years, after data showed Britain's economy had entered a recession in the second half of 2023.

"There are signs the British economy is turning a corner; forecasters agree that growth will strengthen over the next few years, wages are rising faster than prices, mortgage rates are down and unemployment remains low," Hunt said in a statement.

"Although times are still tough for many families, we must stick to the plan – cutting taxes on work and business to build a stronger economy."

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