London Daily

Focus on the big picture.
Friday, May 30, 2025

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
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Trump Accuses China of Violating Trade Agreement
Gerry Adams Wins Libel Case Against BBC
Russia Accuses Serbia of Supplying Arms to Ukraine
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
Chinese Woman Dies After Being Forced to Visit Bank Despite Critical Illness
President Trump Grants Full Pardons to Reality TV Stars Todd and Julie Chrisley
Texas Enacts App Store Accountability Act Mandating Age Verification
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Vatican Calls for Sustainable Tourism in 2025 Message
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Trump Threatens 25% Tariff on iPhones Amid Dispute with Apple CEO
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
Liverpool Car Ramming Incident Leaves Multiple Injured
Australia Faces Immigration Debate Following Labor Party Victory
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
Macron Dismisses Viral Video of Wife's Gesture as Playful Banter
Cleveland Clinic Study Questions Effectiveness of Recent Flu Vaccine
Netanyahu Accuses Starmer of Siding with Hamas
Junior Doctors Threaten Strike Over 4% Pay Offer
Labour MPs Urge Chancellor to Tax Wealthy Over Cutting Welfare
Publication of UK Child Poverty Strategy Delayed Until Autumn
France Detains UK Fishing Vessel Amid Post-Brexit Tensions
Calls Grow to Resume Syrian Asylum Claims in UK
Nigel Farage Pledges to Reinstate Winter Fuel Payments
Boris and Carrie Johnson Welcome Daughter Poppy
×