'2023 is going to be a very difficult year', OBR warns UK government

Next year is going to be "very difficult” for households as bills continue to rise, the official UK economic forecaster has warned MPs.

MPs were given the alert by Office for Budget Responsibility committee member David Miles days after the agency forecast that the UK will be in recession for more than a year.

The effects of rising interest rates and continued inflation will cause pressure next year, but they are predicted to turn a corner moving into 2024, Mr Miles said.

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“2023 is going to be a very difficult year, very likely, but the years after it will not be quite as bad,” the economist told the Treasury committee.

But the agency's latest economic forecasts still appear more optimistic than those revealed by the Bank of England this month.

OBR chairman Richard Hughes said its longer-term growth projections were more positive as interest rate expectations and energy price futures declined between the two forecasts.

UK's finance minister says he is focused on bringing down inflation as economy shrinks - video

The OBR also said it was predicting that more people would use their savings to support spending habits, despite continued pressure on the cost of living.

Mr Hughes also told MPs on the committee that governments should not make fiscal decisions without an “up-to-date economic outlook”, after the economic fallout of former prime minister Liz Truss’s mini-budget.

Ms Truss and former chancellor Kwasi Kwarteng came under fierce scrutiny in September after they announced tax cuts and spending measures without economic forecasts.

The pair told Mr Hughes on September 7 that they would not seek economic forecasts for a fiscal announcement on September 23.

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However, concerns over the unfunded nature of the fiscal announcement and a lack of clarity over the economic outlook caused the pound to slide to a record low against the US dollar.

Ultimately, the economic turmoil contributed to the short tenure of the Truss government, with the spending plans largely reversed by new chancellor Jeremy Hunt.

How to prepare for a recession - video

“The committee in its own reports has commented on the growing tendency in UK fiscal policy making for major policy announcements to happen without forecasts," Mr Hughes said on Tuesday.

“Good practice as defined by anyone, not just us but international institutions, would say you shouldn’t make fiscal decisions without them being informed by an up-to-date view of the economic outlook.”

PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

Global state-owned investor ranking by size

1.	United States
2.	China
3.	UAE
4.	Japan
5	Norway
6.	Canada
7.	Singapore
8.	Australia
9.	Saudi Arabia
10.	South Korea

Benefits of first-time home buyers' scheme

Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

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Batti Gul Meter Chalu

Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5

MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium, Malayisa
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia on October 10

Turning%20waste%20into%20fuel

%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A

COMPANY PROFILE

Name: Airev

Started: September 2023

Founder: Muhammad Khalid

Based: Abu Dhabi

Sector: Generative AI

Initial investment: Undisclosed

Investment stage: Series A

Investors: Core42

Current number of staff: 47

Director: Shady Ali
Cast: Boumi Fouad , Mohamed Tharout and Hisham Ismael
Rating: 3/5

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MATCH RESULT

Al Jazira 3 Persepolis 2
Jazira: Mabkhout (52'), Romarinho (77'), Al Hammadi (90' 6)
Persepolis: Alipour (42'), Mensha (84')

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Zayed Sustainability Prize

Youth take centre stage for this year's Zayed Sustainability Prize

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Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

Votes

Total votes: 1.8 million

Ashraf Ghani: 923,592 votes

Abdullah Abdullah: 720,841 votes

All you need to know about Formula E in Saudi Arabia

What The Saudia Ad Diriyah E-Prix

When Saturday

Where Diriyah in Saudi Arabia

What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.

Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.

On Women's Day

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The specs: 2018 Honda City

Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L / 100km