Economic Growth

(asked on 31st January 2023) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he plans to take to stimulate economic growth following the publication of the International Monetary Fund forecast on 31 January 2023.


Answered by
Andrew Griffith Portrait
Andrew Griffith
Minister of State (Department for Science, Innovation and Technology)
This question was answered on 8th February 2023

In their January 31st Publication, the figures from the IMF confirm that we are not immune to the inflationary pressures hitting nearly all advanced economies in 2023, we should not let short term challenges – which the government is committed to addressing – obscure the long-term forecasts.

In the longer term, the International Monetary Fund revised the UK’s 2022 growth upwards to 4.1%, which is one of the highest growth rates in Europe for 2022. Looking forwards, it showed that our cumulative growth over the 2022 to 2024 period is predicted to be higher than that of Germany and Japan, and at a similar rate to that of the United States of America.

As set out in his Bloomberg Speech, the Chancellor will be bringing forward a package of measures at Spring Budget to deliver on the government’s three economic priorities; to halve inflation, grow the economy and get debt falling.

These will build on the measures announced at Autumn Statement, including maintaining record levels of capital investment and safeguarding the highest ever R&D budget; supporting business to invest and innovate, through permanently setting the Annual Investment allowance at its highest ever level of £1 million, introducing a £13.6 billion package of business rates support; and committing to reviewing EU-derived regulations in key growth sectors.

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