The UK is now in recession, Jeremy Hunt has announced, based on the Office for Budget Responsibility forecasts.
The watchdog says GDP is to grow by 4.2% this year then falls 1.4% in 2023, before rising again by 1.3%, 2.6% and 2.7% in the following three years.
It says inflation is forecast to be 9.1% this year and 7.4% next year, before falling sharply from the middle of next year.
