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UK Chancellor of the Exchequer: Economy ‘on right track’, proving skeptics wrong

British finance minister Jeremy Hunt said the British economy would not enter recession this year and was on the “right track”, proving skeptics wrong.

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The British minister added that an additional £5 billion will be allocated to the Ministry of Defense in the next period when he presented the budget to Parliament on Wednesday for the new financial year, which starts on April 1 next. According to the “Express” newspaper, in two years, 11 billion pounds were allocated for the defense budget over 5 years.

Hunt opened his report on the Budget by saying that the UK economy would not go into recession and that the UK economy would meet the Prime Minister’s priorities of halving inflation, reducing debt and renewing the economy.

He pointed out that defense spending would rise to 2.25% of GDP, indicating that the government’s plan aims to increase defense spending to 2.5% in the long term, and announced £33 million in extra funding to support the elderly.

“On Monday we were able to go even further, with (Defence Secretary) Ben Wallace announcing a £5 billion funding package for the MoD; an extra £2 billion next year and £3 billion the following year,” he said.

The Chancellor of the Exchequer said he was “proud to provide more military support to Ukraine than anyone else in Europe”.

He unveiled a three-step master plan for a new “back to work” budget, including big changes to pensions and a key package of childcare reforms.