Britain the only G7 economy forecast to shrink in 2023

group of leading developed nations had improved or remained unchanged since October, rising interest rates and higher taxes had made the outlook for the UK gloomier.

But it said the outlook for 2023 had deteriorated, with its updated forecast reflecting the higher taxes announced by Hunt after he replaced Kwarteng, the increase in interest rates from the Bank of England, tougher financial conditions for borrowers, and still-high energy prices. The Bank is expected to raise interest rates from 3.5% to 4% on Thursday.

Hunt said in response to the IMF forecasts: “The governor of the Bank of England recently said that any UK recession this year is likely to be shallower than previously predicted, however these figures confirm we are not immune to the pressures hitting nearly all advanced economies.”

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