Government Statement
Madam Deputy Speaker, in the face of economic challenges, Jeremy Hunt reports that the UK economy is stabilising with a reduction in gilt rates, lower debt servicing costs, decreased mortgage rates, and peaking inflation. The International Monetary Fund affirms the UK's correct approach to stability. The Office for Budget Responsibility forecasts no technical recession this year, predicting halving of inflation from 10.7% to 2.9%, reduced debt, and economic growth. A £94 billion support package is in place to aid struggling families with a £2,500 energy price guarantee and uprating benefits with inflation, providing over £3,300 cost-of-living help per household. The Government aims for long-term sustainable growth through business investment facilitation, labour shortage alleviation, barrier reduction for employment, and technology advancement to make the UK a superpower in science and technology. Additionally, the energy price guarantee will remain at £2,500 for three months, saving families an extra £160, and prepayment metre charges are being aligned with direct debit rates.