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The Business Secretary said he did not think a long economic downturn as predicted by the National Institute of Economic and Social Research think-tank was on the horizon – despite rocketing inflation and stalling growth.
Mr Kwarteng said: “I don’t think we necessarily are. The inflation we’re experiencing is a global phenomenon.”
“We’re dealing with it as best as we can.”
Figures showed Gross Domestic Product dipped by 0.1 percent in March.
Inflation is being predicted to rise above 10 percent as the cost-of-living crisis bites.
Although GDP is now 0.7 per cent above pre-pandemic levels, figures are expected to get worse.
Yet Mr Kwarteng took a thinly-veiled swipe at the Bank of England for losing control of inflation. The central bank’s target is always two percent.
The minister said: “That is an issue, clearly.”
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