Chancellor response to OECD Interim Economic Outlook

The Chancellor's response to the OECD Interim Economic Outlook (September) is below. 

Chancellor of the Exchequer, Jeremy Hunt, said:

“Today the OECD have set out a challenging global picture, but it is good news that they expect UK inflation to drop below 3% next year.

“It is only by halving inflation that we can deliver higher growth and living standards. We were among the fastest in the G7 to recover from the pandemic, and the IMF have said we will grow faster than Germany, France, and Italy in the long term."

Notes to editors

Additional information 

• Recent revisions from the ONS are not factored into the OECD’s report. The ONS now say that by 2021 the UK had actually recovered from the pandemic faster than France, Germany, Italy and Japan, with the economy 0.6% above pre-pandemic levels by 2021 Q4. 
• Since 2010, the UK has grown faster than France, Japan and Italy and Germany.
• In the medium-term, over 2025-28 (inclusive), the IMF forecast the UK to grow more rapidly than Germany, France and Italy. 
• The Spring Budget tackles two of the biggest issues for UK growth – employment levels and business investment – while also supporting households with cost-of-living pressures.
• This includes major reforms to help parents back to work with an expansion of free childcare and a £27 billion tax cut for business through radical ‘full expensing’ policy and capital allowances reform. 
• We are maintaining record levels of capital investment - £600bn over the next 5 years – including investment in critical infrastructure.