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UK Finance Minister Jeremy Hunt has set his sights on halving the country’s inflation rate by the end of 2023, outlining his priorities for the economic recovery as the nation prepares for an upcoming general election. Hunt’s commitment to reducing inflation and enhancing productivity in the public sector is aimed at boosting voter optimism and fulfilling key pledges.
Currently, the UK’s inflation rate is projected to decrease to approximately 5% by the close of the year, which would mark a significant reduction from the level recorded in January. Achieving this target aligns with one of the five crucial promises made by Prime Minister Rishi Sunak for 2023.
Hunt emphasized that as inflation cools, pressure on household budgets will begin to ease. He also highlighted his efforts to enhance productivity within the public sector, ultimately driving economic growth.
Both Jeremy Hunt and Rishi Sunak are eager for UK voters to experience a more optimistic economic outlook as the nation approaches an anticipated general election, with the Labour Party currently leading in the polls.
Hunt’s ongoing focus on inflation may not sit well with some lawmakers within the Conservative Party, who have been advocating for tax cuts before the election. They are concerned that British tax revenues, as a share of the economy, are at their highest since the 1940s.
Revised economic data released on Friday delivered positive news for the government, revealing that the UK’s economic recovery from the pandemic was swifter than previously estimated.
Looking ahead, Jeremy Hunt has outlined plans to ensure government departments maximize productivity. He intends to commission an analysis aimed at reducing the time spent by staff on non-core tasks and administrative duties within these departments.
