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Recent reports and political commentary highlight a significant shift in the UK's economic landscape, with inflation decreasing from 11% to 3.4%. This improvement is attributed to the government's economic strategies, including tax cuts worth £900 for the average worker, and wage growth. Bloomberg, citing GfK data, reports an increase in public optimism regarding personal finances, reaching a two-and-a-half-year high. Despite these positive indicators, criticism emerges from various quarters. Some accuse Chancellor Jeremy Hunt of taking undue credit for the inflation reduction, while others point to the long-term economic impact of government policies, including a potential 4% reduction in the UK's GDP due to hard Brexit, as indicated by the OBR. The Treasury underscores the economy's recovery, noting its performance against other nations like Germany and emphasizing the importance of adhering to the current economic plan.
The economy has turned a corner. Inflation is down to 3.4%, debt is on track to fall as a share of GDP, and our economy has outperformed other nations like Germany. Today Chancellor @Jeremy_Hunt spoke to the media about the importance of sticking to the plan. https://t.co/lZJi2mpcsw
Jeez! Chancellor @Jeremy_Hunt just told #BBC viewers “The OBR says that because of the decisions I’ve taken GDP will be 0.7% higher then it would otherwise have been” #BBC fail to point out same report says Govts hard Brexit will REDUCE UK’s potential GDP by 4% in long run! https://t.co/9juHU3Rmef
Jeremy Hunt blamed everyone else when inflation went up. He’s claiming the credit to @bbclaurak for it coming down. He can’t have it both ways and he’s ignoring the fact that falling inflation doesn’t mean falling prices. People are still really struggling on his watch.
Inflation down from 11.1% to 3.4%— that’s good news for families and for the economy as a whole. Here are some more highlights 👇 https://t.co/tzvDuC1mZY
Positive news: @Bloomberg reporting @GfK data which shows people are more positive about their personal finances - the highest score in two and a half years. Our plan is working - inflation down from 11% to 3.4%, wages growing, and tax cuts worth £900 for the average worker.
Positive news: @Bloomberg reporting @GSK data which shows people are more positive about their personal finances - the highest score in two and a half years. Our plan is working - inflation down from 11% to 3.4%, wages growing, and tax cuts worth £900 for the average worker.