Chancellor Jeremy Hunt said “better times are ahead” but that the fundamentals of the UK economy are “very strong”.
Speaking to Sky News in Washington, Mr Hunt pointed to today’s price rise data showing a fall in the inflation rate as well as the latest employment numbers and IMF economic growth forecasts.
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Hunt said: “I think the economy, as we’re seeing it, has turned the corner, people are starting to feel it.”
“That will continue throughout this year. But the fundamentals of the UK economy, yes, are very strong indeed,” he added.
The cost of living crisis, brought on by months of double-digit inflation last year, has been difficult, Hunt said.
But sticking to his economic plan, along with the Bank of England’s work to control interest rates, will bring “better times”, he insisted – in a sign of the Tories’ likely economic messaging ahead of the next general election.
“If we follow this plan, we can see that we have better times ahead,” he said.
He added: “We don’t pretend it hasn’t been difficult, it has been very difficult in the UK and many other countries.
“We now have the largest technology industry in Europe. This is a huge positive for families across the country in the coming years.”
Sanctions
When asked about the sanctions on Iran, following its attacks on Israel Last weekend, Hunt said he will push for more to be added in his meetings with the leaders of the G7 group of nations and U.S. Treasury Secretary Janet Yellen.
“What I would say is this: what was being said ten days ago was that the West was moving away from its support for Israel. But when Iran attacked Israel, Western support was rock solid.
“And if Iran takes steps that destabilize the global economy through what it does in the Middle East, then it will face a concerted response from Western countries,” he said.
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