Hunt appears to be basing this on just one quarter of GDP growth, which showed the UK economy had grown a modest 0.6% compared with the previous quarter. Britain has emerged from the pandemic in a much worse state of growth than other major world players.
Many people are still feeling the effects of a cost of living crisis worsened by high interest rates and arguably the Conservatives' management of Brexit. Real household disposable income per head still not back at the 2019 level.
The OBR did recently revise up its projections for real household incomes, but in its report alongside the March budget it said: 2022-23 remains the fiscal year with the largest year-on-year drop in living standards since ONS records began in the 1950s.
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