In today’s budget it was reported that inflation is now expected to fall from 10.7% to 2.9 per cent by the end of 2023.
Stating that high inflation has been the root cause of the strikes we have seen across the UK in recent weeks, he confirmed the government will work to end the disputes.
He also stated that GDP is now expected to contract by just 0.2pc in 2023, down from a gloomier prediction of 1.4pc in November.
Unemployment is also not expected to rise by more than one percentage point.