Team Blitz India
BRITAIN’S economy has outperformed European neighbours and its debt is on track to fall as a share of the economy, according to Economic Secretary to the Treasury Bim Afolami.
“We have made good progress,” he said, delivering the keynote speech at UK Finance at Bright Blue event in partnership with Virgin Money. “Inflation has fallen from 11.1% to 3.2%, the economy has performed better than forecast, wages are rising, mortgage rates are down significantly from their peaks,” he added.
Afolami agreed that the last few years have not been easy for the British economy. “We’ve faced the legacy of Covid, war in Ukraine and the Middle East. These challenges have made life tough for people in Britain,” he shared. He went on to say how over the last three years, his predecessors at HM Treasury and Afolami, alongside the Chancellor and Prime Minister, have embarked on the most comprehensive set of reforms to financial services in a generation.
“Since the beginning of 2023, we have been working on five priorities. Three of them are economic. To halve inflation, grow the economy and reduce debt,” the Economic Secretary stated. He further added that Britain will do more to make regulators take the financial sector’s needs into account if they don’t apply their new competitiveness remit. “There will be an update from regulators on how they are applying their new remit in coming months,” said Afolami.
