London Daily

Focus on the big picture.
Saturday, Oct 31, 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
Department for Science, Innovation and Technology Prepares Enhanced Artificial Intelligence Safety and Cyber Defense Frameworks
United Kingdom Government Expands International Sanctions Framework Against Russian Shadow Fleet and Financial Enablers
Institute of Directors Reports Sharp Post-Budget Drop in Business Confidence Despite Long-Term Investment Intention Shifts
Chancellor John Healey Defends Sweeping Fiscal Adjustments and Household Support Packages Following Autumn Budget
Parliamentary Petitions Committee Schedules Major Legislative Debates on Special Educational Needs and Non-Stun Meat Labelling
Regional Devolution and Good Growth Fund Frameworks Reshape Local Government Funding Across English Regions
Loughborough University Economic Analysts Highlight Substantial Uncertainty Surrounding Public Sector Efficiency Savings
British Legal Sector Drives Sixty Billion Pounds in Annual Economic Output While Employing Over Half a Million Professionals
Law Society Welcomes New Better Regulation Executive While Pressing for Long-Term Legal Aid Funding Reform
Metropolitan Police and Security Services Heighten Operations Across London Ahead of Large-Scale Public Demonstrations
Bank of England Economists Scrutinize Corporate Tax Adjustments and Public Sector Borrowing Pressures
Chancellor John Healey Defends Autumn Budget Tax and Spending Allocations Following Intense Parliamentary Scrutiny
Department for Environment, Food and Rural Affairs Implements Strict Water Quality Monitoring Rules Following Severe Rainfall and Flooding
Welsh Government Unveils Comprehensive Regional Housing Strategy to Address Rural Affordability and Homelessness Pressures in Cardiff
Office for National Statistics Reports Slowing Consumer Price Inflation and Steady Retail Performance Across United Kingdom Markets
Northern Ireland First Minister Michelle O'Neill and Deputy First Minister Emma Little-Pengelly Advance Cross-Border Infrastructure Agreement in Belfast
Competition and Markets Authority Launches Formal Investigation Into Artificial Intelligence Partnerships Involving Major Technology Corporations
Scottish First Minister John Swinney Secures Cross-Party Support for Devolved Budget Framework and Renewable Energy Expansion
High Court Rules in Favor of Environmental Campaigners Over Department for Energy Security and Net Zero Licensing Procedures
National Health Service England Announces Major Digital Modernization and Artificial Intelligence Diagnostic Rollout Across Regional Trusts
Bank of England Monetary Policy Committee Signals Cautious Approach to Interest Rate Cuts Amid Persistent Wage Growth and Inflation Pressures
British Prime Minister Keir Starmer and Chancellor Rachel Reeves Outline Strategic Infrastructure Plans to Boost Regional Growth and Private Investment
Water pollution remains high despite £5bn investment
Regional Economic Divergence and Industrial Transformation
Technological Sovereignty and Regulatory Scrutiny
Fiscal Consolidation and Public Service Pressures
Automotive Industry Leadership Warns of Imminent Supply Chain Disruptions Following Recent European Trade Negotiations
High Court Delivers Landmark Ruling Affirming Strict Legal Protections for Corporate Data Privacy Against State Surveillance
Welsh First Minister Eluned Morgan Secures Additional Funding for Regional Transport Infrastructure and Rail Modernization
Scottish First Minister John Swinney Announces Major Green Energy Infrastructure Investment Package for Aberdeen
Department for Work and Pensions Proposes Sweeping Welfare Reforms to Incentivize Long-Term Unemployed Back into Work
Competition and Markets Authority Launches Formal Investigation into Artificial Intelligence Partnerships Involving Major Tech Giants
United Kingdom Foreign Secretary David Lammy Concludes High-Level Strategic Talks in Washington on Middle East Security
National Health Service England Unveils Emergency Winter Resilience Plan to Combat Projected Surge in Emergency Admissions
Bank of England Governor Andrew Bailey Signals Cautious Approach to Interest Rate Cuts Amid Persistent Inflation
British Chancellor Rachel Reeves Finalizes Corporate Tax Overhaul Ahead of Autumn Budget to Fund Public Services
Automotive Manufacturers Urge Government Action as High Energy Costs and Global Supply Chain Disruptions Threaten Production
Metropolitan Police Issue Formal Apology Following Inadvertent Release of Confidential Information During High-Profile Investigation
Scottish Finance Secretary Shona Robison Unveils Devolved Budget Highlighting Housing and Public Service Adjustments
Energy Regulator Office of Gas and Electricity Markets Prepares to Remove Household Gas Standing Charges Following Treasury Mandate
Treasury Confirms Reversal of Planned Cash Individual Savings Account Allowance Reduction Protecting Twenty Thousand Pound Limit
Office for Budget Responsibility Revisions Predict Moderate United Kingdom Economic Growth with Elevated Inflation Pressures
Chancellor John Healey Delivers First Autumn Budget in Parliament Highlighting Temporary Bank Surcharge and Cost-of-Living Support
Met Office Issues Extended Forecast Highlighting Stable High Pressure Weather Patterns Across the United Kingdom
Scottish Finance Secretary Shona Robison Outlines Changes to Tax Thresholds and Residential Property Levies in Edinburgh
Financial Markets and Government Bond Yields Remain Stable Following Muted Reaction to Autumn Budget Measures
Defence Committee Chair Tan Dhesi Criticizes Budget for Delaying Critical Defence Spending Decisions to Next Year
International Monetary Fund Forecasts United Kingdom Economic Growth at One Point Three Percent for Year
Office for Budget Responsibility Assesses Fiscal Headroom Reduced to Fifteen Billion Pounds Following Global Energy Shocks
Chancellor John Healey Delivers First Autumn Budget Introducing Household Energy Support and Bank Tax Hikes
×