However, the U.K. remains the only G-7 major economy yet to fully recover its lost output during the Covid-19 pandemic, and households continue to battle a cost-of-living crisis due to sky-high food and energy bills.
suggested in a note Wednesday that this will likely be revised up to just a 0.5% contraction, in line with the Bank of England's forecast for a shallower downturn.Chief European Economist Paul Hollingsworth projected that the U.K.'s borrowing forecasts will be lowered by £10-15 billion at Wednesday's budget.
But although Hunt is likely to have "money to play with" as falling energy prices, lower short-term interest rate expectations and a more resilient global economy indicate stronger growth in the near-term, Hollingsworth suggested the chancellor will "only give away around half of this" while banking the rest for "likely pre-election giveaways."
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