In New York on Wednesday, UK Treasury Economic Secretary Andrew Griffith addressed concerns about the UK's economic status, emphasizing that the country is not currently facing a

recession. Speaking at the Reuters NEXT conference, Griffith acknowledged the need for additional efforts to boost the economy significantly and combat inflation.

The primary focus for the UK, according to Griffith, is the ongoing effort to reduce inflation, involving strategic choices. Responding to inquiries about a potential recession, he clarified, "That's not where the UK is. There's more work to do, don't get me wrong. The point is to grow at a significantly higher rate than the UK has grown."

Highlighting the positive aspect, Griffith noted that the UK ranks among the fastest-growing Group of Seven (G7) economies in Europe, considering it a promising start. The country's objective is to cut inflation in half this year, and current forecasts indicate progress on track. Griffith commented, "We're now in November, so we'll see how the next few weeks and months go."

Expressing concern about geopolitical challenges and the human tragedy unfolding in the Middle East, Griffith mentioned that the UK is actively using its influence in the United Nations to advocate for containment and restraint.

While Griffith emphasized the government's commitment to a dynamic low-tax economy with high-quality public services, he clarified that the immediate priority is reducing inflation, fostering growth, and gradually reducing debt. Acknowledging the discomfort associated with this process, he stressed the importance of prioritizing the well-being of the UK people, focusing on alleviating the cost of living and reducing prices.

When questioned about the government's financial reform plans, Griffith indicated that not all reforms would require legislation. He expressed confidence that the Conservative agenda could be achieved before the expected elections next year, outlining a timeline of approximately 12 months to implement changes and observe their benefits. Photo by Richard Townshend, Wikimedia commons.