Chancellor Jeremy Hunt has announced that the UK economy will avoid a technical recession in 2023, and inflation will more than halve by the end of this year.
He declared that the country's economy is "on the right track", and he vowed to take any necessary steps for economic stability.
The Office for Budget Responsibility (OBR) forecasts that because of the changing international factors and the implemented measures, the UK will not now enter a recession this year.
The UK Chancellor delivered his Budget statement with a package of plans, including support for household energy costs, childcare benefits, and tax breaks for businesses to promote investment.
The chronicles report that the Chancellor opened his Budget statement with optimism and declared that the UK economy is "proving the doubters wrong".
The OBR still predicts a 0.2% contraction this year, but that is a significant improvement from the -1.4% predicted in November.
The Chancellor has used the improved economic picture to promise an extension of support for household energy costs, and he will also promise a significant expansion of free childcare.
Several Conservative MPs and industry lobby groups have urged the Chancellor to cut taxes, given the inflation and borrowing data suggesting that he has more room for maneuver than feared.
The sources indicate that the Chancellor's Budget statement prioritizes financial support for parents with childcare costs, multiscale tax breaks for businesses, and support for households struggling with the cost of living crisis.
However, Labour has accused Mr Hunt of "dressing up stagnation as stability".
The Guardian reports that Hunt outlined his plans for the nation's finances against the backdrop of rising turbulence in global financial markets due to concerns about Credit Suisse, one of Europe's largest lenders, following the collapse of the US lender Silicon Valley Bank.