Displaying items by tag: UK economy worst

The International Monetary Fund (IMF) says Britain is the only G7 economy forecast to shrink in 2023 due to higher energy prices, rising mortgage costs and increased taxes. England and Wales have had the most company insolvencies since 2009, UK mortgage approvals have tumbled, and grocery price inflation is a record 16.7%. Britain is the only advanced economy expected to fall into recession this year. The IMF said 2023 would be ‘quite challenging’ for the UK as it slipped from top to bottom of the G7 league table. We can pray for God to strengthen Jeremy Hunt’s mind and spirit as this news puts more pressure on him to balance Britain’s books successfully. Pray also for God to anoint him with heaven's wisdom in preparing strategies for the spring budget as the Bank of England continues to raise interest rates.