Commons Sense

House of Commons · Ministers' Questions

Inflation and Economic Growth Forecasts: G7 Countries

Tuesday 9 May 2023 · 3 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 2 Partly answered 0 Not answered 0

Key points

  • Comparative assessment shows UK had the highest rate of growth in the past two years among G7 countries.
  • IMF upgraded UK growth forecast for 2023 more than any other G7 country, stating the UK is "on the right track".
  • Government actions over the past six months have helped the UK avoid a recession this year, according to the Office for Budget Responsibility.

Topics (select to filter)

Questions & Answers

Q1 Alex Cunningham Lab
Economy
Context

The MP inquired about the comparative assessment of UK's inflation and economic growth rates against those of G7 countries for 2023.

Question

What comparative assessment has been made of forecasts for the UK's rates of (a) inflation and (b) economic growth with those for G7 countries in 2023?

Answer from Andrew Griffith

Compared with the G7, the UK had the highest rate of growth in each of the past two years. The International Monetary Fund UK growth forecast for 2023 has been upgraded by more than that for any other G7 country, and the IMF has said that the UK is “on the right track” for economic growth.

Answered
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Q2 Alex Cunningham Lab
Economy
Context

The MP questioned the government's claim of positive economic performance, highlighting that projections show UK will have a smaller economy by year-end with lowest growth among G7. He also noted March 2023 saw highest inflation in western Europe.

Question

The Minister paints a pretty picture. The British people want hope for the future, but all they see is Britain continually lagging behind on the global stage and prospects for their families getting worse. In March UK inflation was the highest in western Europe, with projections showing it will be the highest in the G7 this year, while food prices are rising 50% faster than in the G7. Whose fault is it?

Answer from Andrew Griffith

It is certainly the hon. Gentleman's fault if, having asked that we assess performance across the G7 and we do precisely that, he does not like the answer. The reality is that across the G7, growth has fallen and inflation has risen, but we know the sources of that—it is not this Government; it is the fault of Putin and the global covid pandemic.

Not addressed: The MP's specific ask about whose responsibility it is for economic performance was deflected by blaming external factors like Putin and the global pandemic.

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Q3 Stephen Crabb Con
Economy
Context

The MP questioned the gloominess of the opposition and highlighted that today, with more people in our country going out to work than ever before, our economy is demonstrating a dynamism and resilience.

Question

My hon. Friend is right to ignore the gloom and negativity coming from the Opposition Benches. They will always find a reason to talk down the British economy. Is it not the case that today, with more people in our country going out to work than ever before, our economy is demonstrating a dynamism and resilience that few other economies around the world can emulate and a dynamism that we do not get with a Labour Government?

Answer from Andrew Griffith

My right hon. Friend is absolutely right. Resilience is a strong word, and thanks to the actions that this Government have taken over the past six months, the Office for Budget Responsibility has confirmed that the UK is now expected to avoid a recession this year.

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