The Office for Budget Responsibility (OBR) has said the UK will “not enter a technical recession this year”.

Chancellor Jeremy Hunt today (15 March) said changing international factors, along with the steps the government has taken, have worked to prevent a recession.

The OBR has forecast a fall in inflation from 10.7% in Q4 2022 to 2.9% by end of 2023.

“We are following the plan and the plan is working,” said Hunt.

The prime minister’s overall aim is to return inflation to the Bank of England’s 2% target.

Hunt also said growth is a key priority for the government.