UK's Hunt forecasts -0.2% 2023 GDP vs -1.4% in November

• Sees economic contraction of 0.2% this year
• The prior forecast was for a 1.4% contraction this year
• Expects unemployment rate to rise to 4.4%
• Sees lower deficit to GDP throughout the forecast horizon
• 2024/25 underlying public debt to GDP now seen at 93.7% vs 97.2% in November forecast
• 23/24 budget deficit seen at 5.1% of GDP GDP Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Read this Term vs 5.5% in November
• Will maintain 5p cut fuel duty for further 12 months

On the policy side, here are some interesting highlights:

• Carbon capture and support will get £20bn support for its early development
• Nuclear to be reclassified as environmentally sustainable to give it access to those benefits
• Launched to aim to have nuclear 1/4 of electricity by 2050
• Energy price guarantee will continue for another three months, keeping it at £2500 for the average family
• Corporation tax will go up to 25% from 19% but new full capital expenses policy for the next three years, described as effective corporation tax cut worth £9bn