Budget 2023: Jeremy Hunt says UK will avoid recession this year

Back-to-work budget seeks to restore business confidence but measures come amid fears of European banking crisis

• Budget 2023 live: Jeremy Hunt sets out economic plan
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Jeremy Hunt has said the British economy will avoid a technical recession this year while announcing an extension in financial support for households struggling with the cost of living crisis.

In a statement to the Commons aiming to reboot Britain’s faltering economy, the chancellor said he would prioritise support for parents with childcare costs alongside a multibillion-pound package of tax breaks for business to encourage investment.