Instant View: UK budget - no recession in 2023; UK assets sink in global market turmoil

"Today the Office for Budget Responsibility forecast that, because of changing international factors, and the measures I take, the UK will not now enter a technical recession this year," he said as he presented his budget in parliament.

"Despite continuing global instability, the OBR report today that inflation in the UK will fall from 10.7% in the final quarter of last year to 2.9% by the end of 2023." In a separate release, the OBR said the peak-to-trough fall in GDP was likely to be just a quarter of the 2.1% fall assumed in its November forecast.

The pound was last up roughly 0.8% against the euro, but sank against the dollar, as a rout in global banking shares hit investor confidence in risk-linked assets such as equities with London blue-chip stock index sliding.

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