It’s not exactly a Mission Accomplished moment – the equivalent of that day in 2003 when George W Bush stood on an aircraft carrier and prematurely declared that the Iraq war was over.
But Statement from Jeremy Hunt in our interview in Washington DC that he had achieved a “soft landing” on the economy certainly has a whiff of delusion about it.
Economists spend much of their time dreaming that, after a crisis, or a series of crises, they will be able to devise a slow plan, ensuring that there is no painful economic catastrophe. However, this rarely happens.
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In the case of the United Kingdom, most economists would hesitate before describing the British situation as a “soft landing”.
After all, the economy is still formally in recession. At best, gross domestic product is stagnant.
Consider population growth and it is decreasing quarter after quarter.
However, the chancellor was at pains to insist today that, in fact, the prospects are surprisingly positive.
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Of course, that confidence comes when he prepares for an election in which the economy will likely be in the spotlight.
The survey suggests Conservatives they are headed for a decisive loss, and the absence of an economic “feel-good factor” is not helping.
So you can understand why he wants to paint a picture of a strong economy.
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However, look at the data and it will be difficult to share your confidence.
With interest rates still at 5.25% and inflation still above target, the pressure that families have faced in recent years has barely eased.
The UK is expected to grow at a slower rate than almost all other G7 economies this year, according to the latest forecasts from the International Monetary Fund.
However, the chancellor is not alone in clinging to optimism.
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Here in Washington, most central bankers and finance ministers silently hope that all the economic and military challenges they face – from war in Ukraine and the Middle East to China’s tensions with America – don’t crystallize into something more horrific. and comprehensive.
They, like Jeremy Hunt, would rather keep talking about soft landings.
This story originally appeared on News.sky.com read the full story
