Wednesday’s announcement will not change big picture for UK economy
The only way was up for Jeremy Hunt when he took over at the Treasury last October. Appointed by Liz Truss in an attempt to save her job, he was the fourth chancellor of 2022 and the Conservatives were at rock bottom.
The economic legacy handed to Hunt was dire. Inflation was above 10%, living standards were falling, and house prices were going down while interest rates were going up. In the aftermath of Truss’s departure from Downing Street, the Bank of England said the economy was already in recession and would remain that way for the whole of 2023. Opinion polls were pointing to a landslide victory for Labour at the next election.
