After all, BRITAIN will avoid the bullet of a recession – when the global financial watchdog the IMF tore up its arduous predictions.
Inflation is expected to drop to single digits today for the first time since last fall.
And there were hopes that the UK’s wobbly economy had turned for good.
Energy bills are also expected to drop by around £500 a year when the quarterly price cap is announced tomorrow.
The International Monetary Fund has raised its UK growth forecast to 0.4 per cent this year after making its initial forecast last month that output was expected to fall 0.3 per cent.
Economists have pointed out that “there has been some relief in post-Brexit uncertainty” and a better-than-expected resilience of the UK economy to their turn.
IMF Managing Director Kristalina Georgieva, who met Prime Minister Jeremy Hunt in Downing Street yesterday, said the assessment reflected “in favor” of the UK compared to other G7 countries.
But while she praised Chancellor Rishi Sunak and Mr Hunt for keeping inflation in check, there was little to cheer for taxpayers.
In a blow to Tory MPs demanding cuts, she said there was “no intention to cut taxes” in the UK.
And the IMF warned Britain would not be able to see strong growth without major reforms to put 5.2 million unemployed people back to work.
Although growth is in a stronger position in France and Germany, the IMF warns: “Realizing the UK’s full growth potential will require far-reaching, evidence-based reforms. , including addressing the increased inactivity after the pandemic, mainly due to long-term illness.”