London Daily

Focus on the big picture.
Saturday, Sep 05, 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
UK Urges Households to Keep Emergency Supplies Amid Severe El Niño Warning
Prime Minister Andy Burnham Sets Out Regional Industry and Prison Reform Agenda
Siemens Energy Wins Rolls-Royce Small Modular Reactor Manufacturing Contract
UK Mortgage Costs Rise as Gilt Yields and Swap Rates Climb
Bank of England’s Huw Pill Calls for Prompt Rate Rise as Inflation Risks Persist
National Audit Office Warns UK Is Unprepared for Major Food Supply Disruptions
British Army Suspends Some Training Exercises as Budget Pressures Intensify
HMS Queen Elizabeth Deploys as NATO Allied Response Force Command Ship
Reform UK Suspends Two Senior Officials Over Alleged Foreign Donation Scheme
UK Reasserts Falkland Islands Sovereignty After Argentina Threatens Sanctions
Scottish Tech Company PureLifi Enters Administration With More Than 40 Job Losses
Scottish Government Names Alyn Smith Innovation and Education Minister
Green Party Co-Leader Zack Polanski to Contest By-Election for Keir Starmer’s Former Seat
Palestine Action Activists Appeal Terrorism-Related Prison Sentences
PwC Report Highlights Persistent Regional Spending-Power Divide Across Britain
UK Names Hundreds of Employers for Minimum Wage Violations
UK Commits £400 Million to International Tropical Forest Fund
UK Extends £2 Bus Fare Cap Across England Through 2027
UK Warns Travellers as US-Iran Tensions Disrupt Middle East Security and Shipping
Andy Burnham Faces Kemi Badenoch in First Prime Minister’s Questions
Kemi Badenoch Names Andrew Griffith Shadow Chancellor in Conservative Reshuffle
UK Treasury and Markets Focus on Fiscal Headroom Ahead of Autumn Budget
UK Government Reverses Early Release Plans for Serious Violent and Sexual Offences
UK and France Review Border Cooperation After 48,000 Small-Boat Crossings Prevented
UK Growth Outlook Weakens as Inflation and Energy Costs Rise
Breeding Tropical Mosquitoes Discovered in East London
Sadiq Khan Agrees to Search of Digital Communications in Palantir Lawsuit
Scottish Protesters Call for Moratorium on AI Data Centre Expansion
Uber Drivers Bring London Class Action Over Algorithmic Management
Reform UK Accepts £4 Million Donation From Cryptocurrency Billionaire Pardoned by Trump
Justice Secretary Tightens Early Release Scheme to Exclude Manslaughter Offenders
Kemi Badenoch Reshuffles Conservative Team as Reform UK Pressure Grows
British Mortgage Rates Rise as Global Bond Sell-Off Pushes Up Borrowing Costs
UK Records Hottest Summer on Record in 2026
UK Government Urges Households to Stock Essential Supplies Ahead of Severe El Niño Risk
UK Prepares Targeted Sanctions Over Israeli Settlements in West Bank
Reform UK Faces Electoral and Police Scrutiny Over Foreign Donation Allegations
UK and France Expand Channel Migration Cooperation as Trade Tensions Surface
UK Marks Merchant Navy Day With Tribute to Civilian Seafarers
Burnham Pays Tribute to Two Police Officers Killed on Duty in Northern England
Booking.com Left Fake Downing Street Listing Online for Two Months, Which Says
Burnham and Macron to Review UK-France Cooperation on Channel Crossings
UK Business Confidence Improves Slightly but Investment Concerns Persist
Burnham Faces Pressure Over Future North Sea Oil and Gas Licences
Burnham Pushes Wider English Devolution Through ‘Number Ten North’
British Chambers of Commerce Raises 2026 UK Growth Forecast to 1%
Keir Starmer Resigns as Holborn and St Pancras MP, Triggering By-Election
UK Chancellor Faces Tighter Budget Headroom as Long-Term Borrowing Costs Rise
UK Government Weighs Thames Water Nationalisation as Financial Crisis Deepens
Prime Minister Andy Burnham Faces First Commons Questions Over Tax and Spending Plans
×