KEY POINTS
  • U.K. Finance Minister Jeremy Hunt said Wednesday that the economy would no longer enter a technical recession in 2023, based on new forecasts from the independent Office for Budget Responsibility.
  • Announcing the government's spring budget, Hunt said that the U.K. economy was "proving the doubters wrong," following earlier predictions that the country was facing its longest-ever recession.
  • The chancellor also unveiled a series of workforce and childcare reforms aimed at stemming early retirement and tackling the country's chronic worker shortage.
British Finance Minister Jeremy Hunt that the U.K. economy would not enter a technical recession in 2023, while announcing the government's spring Budget.

LONDON — British Finance Minister Jeremy Hunt said Wednesday that the U.K. economy would not enter a technical recession in 2023, as was previously anticipated.

The updated outlook was based on new forecasts from the independent Office for Budget Responsibility, Hunt said.