London Daily

Focus on the big picture.
Friday, Jun 26, 2026

Chancellor Jeremy Hunt insists he will prove IMF forecast wrong

Chancellor Jeremy Hunt insists he will prove IMF forecast wrong

The confrontation in Washington DC comes after the IMF predicted that the UK would be the worst performing economy in the G7 this year.
"We hope you prove us wrong."

"We're very focused on proving you wrong."

The exchange between Jeremy Hunt and IMF managing director Kristalina Georgieva, captured by Sky News in Washington DC, tells you rather a lot about the Chancellor's week here in Washington.

This was Mr Hunt's first International Monetary Fund meeting since taking on his new role.

And while it has certainly gone better than it went for his predecessor (by the Friday of the previous meetings, Kwasi Kwarteng had already left early to be fired) it has been overshadowed by a familiar controversy.

The Fund has forecast that the UK will be the weakest of all the major industrialised economies, with its gross domestic product contracting by 0.3 per cent this year.

Mr Hunt insisted today, both to Ms Georgieva and to Sky News that he will "prove the Fund wrong", and that Britain's economy will outperform.

"I think the context here is that last year we had the fastest growing G7 economy. So, we did very well last year. We have so far avoided recession this year. So the economy has shown resilience, but we want to be growing faster.

"The Office for Budget Responsibility, which is the government's official forecaster, has much more optimistic forecasts [than the IMF], so if you're asking me which I think is more likely to be the case, I would go with the OBR.

"The IMF have traditionally undershot [with their forecasts] and the American Treasury Secretary… has said that she is much more optimistic than the IMF are about the American economy. So I'm not the only one who's making those comments."

Talking about the vote from the Royal College of Nursing against the recent pay offer from the government, Mr Hunt said: "It is very challenging in the NHS anyway, but if you add the pressure of strikes onto what is already a very precious service, it makes it very difficult to bring down waiting times.

"We're dealing with a record high in waiting times after the pandemic and that's why I urge people still voting for this pay deal to recognise the fact the fact that union leaders said it's reasonable.

"Patients want the NHS to be back to normal, and it will be better for staff as well."

Ms Georgieva wrote on Twitter after the meeting: "Very happy to welcome the UK's Chancellor Jeremy Hunt and Governor Andrew Bailey in Washington.

"We had a very good discussion of the improved economic outlook for the UK and the need for global cooperation to support poor and vulnerable countries."
Newsletter

Related Articles

0:00
0:00
Close
Robert Jenrick Defends £5 Million Donation to Nigel Farage Amid Political Scrutiny
Plymouth Museum The Box Wins 2026 Art Fund Museum of the Year Award
UK Government Faces Backlash Over Plans to Use Former Military Sites for Asylum Accommodation
Labour Party Faces Pressure Over Cabinet Stability as Senior Figures Clash on Policy Direction
Heathrow Airport Forecasts Passenger Decline in 2026 as Costs and Climate Disruption Mount
UK Energy Regulator Approves Expansion of Long-Duration Storage to Boost Power System Resilience
Crown Estate Reports Third Consecutive Year of £1 Billion Profit as Debate Over Royal Finances Intensifies
Teenager Charged With Murder in Wales Following Death of 14-Year-Old Boy
Nottingham University Hospitals Maternity Failures Trigger Calls for Public Inquiry Into Patient Safety
EasyJet Rejects £4.9 Billion Takeover Offer From Castlelake but Keeps Door Open for Further Talks
Record Heatwave Triggers UK Transport and Infrastructure Strain as Heathrow Revises Passenger Forecast Downward
Ofgem Approves Sixteen Long-Duration Energy Storage Projects to Strengthen UK Grid Stability
Labour Government Faces Internal Tensions Over Cabinet Decisions and Net Zero Policy Direction
British Food and Drink Exports Fall to Decade Low Amid Trade Friction and US Tariffs
Great Britain Grid Operator Spends £10 Million to Stabilize Electricity Supply During Heatwave Demand Surge
UK Parliament Committee Calls for Urgent National Adaptation Strategy as Extreme Heat Strains Public Infrastructure
Record-Breaking Heatwave Pushes England’s National Health Service to Critical Incident Status as Hospitals Struggle With Surge in Emergencies
UK Government Launches Review of Voluntary National Insurance Contributions System
UK Planning Inspectorate Reports Key Infrastructure and Planning Milestones in Annual Review
UK Government Reviews Travel Expense Reimbursement Rates for Employers and Employees
Civil Nuclear Constabulary Launches National Digital Memorial for Officers Killed in Service
UK and US Expand Collaboration on Nuclear Fusion Research and Workforce Exchange
Environment Agency Secures £275,000 Enforcement Deal with Anglian Water Over Permit Breaches
Independent Inspector Flags Ongoing Failures in UK Home Office Border Case Management
UK Government Considers Zero VAT Rate on Land for Social Housing Development
Bank of England Reports Sharp Drop in Emissions and Warns on Climate-Driven Financial Risk
Consumer Confidence in the UK Falls at Fastest Quarterly Rate Since 2022
UK Borrowing Costs Rise Sharply on Gilt Markets Amid Fiscal and Political Concerns
UK Government Plans Legislation to Bring British Steel into Public Ownership
UK Government Secures £210 Million Nuclear Fuel Deal to Support Ukraine Energy Security
London Ambulance Service Reports Record Emergency Call Volume Amid Severe Heatwave
United Kingdom Faces Record June Heatwave as Temperatures Hit 36.7°C in Somerset
UK Financial Services Reform Debate Intensifies Over Ministerial Regulatory Powers
UK Energy Price Cap Rise Expected to Keep Inflation Above Target Through 2026
UK Biohacking and AI Wellness Trends Drive Surge in Personal Health Monitoring
UK Social Care Sector Sees Workforce Shift as Overseas Recruitment Masks Domestic Labour Decline
Nuffield Trust Warns UK Health Budgets Remain Vulnerable Despite Record Spending Levels
UK Coal Pension Surplus Debate Returns to Parliament as Reform UK MP Seeks Clarity on Distribution
UK MPs Consider E-Petition Calling for NHS Newborn Screening for Spinal Muscular Atrophy
UK Parliament Debates E-Petition Calling for Inquiry Into Pro-Israel Influence in Politics
UK Economy Grew 0.6 Percent in Q1 2026 but Business Sentiment Weakens Over Geopolitical Risks
UK Financial Services Bill Enters Lords Committee Stage With Expanded Ministerial Powers
UK Armed Forces Bill Advances With Plans for Defence Housing Service and Drone Defence Measures
UK Treasury Proposes Higher Electricity Generator Levy and Updated Mileage Allowance Rules
UK Parliament Debates Health Bill Amid Persistent GP Access and Patient Satisfaction Concerns
UK Financial Sanctions Regulator Signals Faster, Intelligence-Led Enforcement Strategy
British Chambers of Commerce Warns Business Confidence Crisis Is Dampening UK Investment
UK Parliament Debates Carbon Budget Order as Pressure Mounts on Net Zero Delivery
UK Energy Price Volatility Reinforces Pressure for Faster Electrification of Economy
UK Defence and Aerospace Strategy Gains Momentum as Keir Starmer Pushes Industrial Cooperation in Berlin
×