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Transcripts For BBCNEWS The Context with Christian Fraser 20240706

welcome to the programme. it was budget day here in britain today. a big set piece annual event in which the chancellor stairs into the crystal ball, and tries to predict the future and how best to steer the uk economy through it. the obstacles in his way are common to europe and the united states. high inflation, higher interest rates, and since the pandemic, an intractably acute labour shortage. this graph trackjob vacancies across europe since august 2022, historically high after the pandemic, but you will see the uk, the red line at the very top, is struggling more than most. with 1.1 million vacancies. if more people are employed, more people are paying tax. the good news for the chancellor is that the uk will swerve recession this year thanks to growth returning by the summer. but the economy will still contract by 0.2%. and any brighter news, is tempered by slower growth over the long term. mr hunt said the uk would only grow by 1.8% next year and byjust 2.5% i ....

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Transcripts for BBCNEWS The Context with Christian Fraser 20240604 21:32:00

And any brighter news, is tempered by slower growth over the long term. mr hunt said the uk would only grow by 1.8% next year and byjust 2.5% in 2025. compare that to the growth in the biggest economies. while the uk ecnomy shrinks this year every other major economy will grow. here isjeremy hunt setting out his solution. growth is one of the prime minister s five priorities for our country. i deliver that today by removing obstacles that stop businesses investing, by tackling labour shortages that stop them recruiting, by breaking down barriers that stop people working and by harnessing british ingenuity to make as a science and technology superpower. we are joined by sanjay raja, chief uk economist for deutsche bank. some of you might remember he played a prominent roll in committee hearings, ....

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