UK Treasury chief hails economic rebound from pandemic

By PAN PYLAS
Associated Press

LONDON (AP) — Britain’s Treasury chief Rishi Sunak is painting a relatively rosy picture of the state of the country’s economy following the U.K.’s deepest recession in around 300 years. In his annual budget to Parliament, Sunak said growth this year was set to be 6.5%, higher than predicted just a few months ago and that borrowing will be lower than previously thought. With the economic backdrop better, Sunak has a bit of wiggle room on the taxes and spending front. The British economy, which suffered the worst recession among the Group of Seven industrial nations last year, has been recovering over recent months following the lifting of lockdown restrictions as well as a pick-up in global trade.