UK Chancellor Jeremy Hunt Outlines Billions In Tax Rises And Spending Cuts As The Country Falls Into Recession
deadline.comThe UK has officially fallen into a recession, which will push more than 500,000 people into unemployment, according to a new forecast from the Office for Budget Responsibility (OBR).
The (OBR), the government’s forecaster, said there will be the biggest fall in living standards in the UK since records began with inflation “tipping the economy into a recession lasting just over a year.” The forecaster said that it expects household incomes, once adjusted for inflation, to fall back to 2013 levels and will take at least six years to recover.
The UK has been suffering economically due to Brexit, the fallout from the pandemic, an ongoing energy crisis exacerbated by the conflict in Ukraine and the disastrous fiscal policies of the previous Conservative government.
UK chancellor Jeremy Hunt, in his inaugural Autumn Statement, today set out a string of tax increases and a tighter public spending plan that he said would generate a combined £55bn.
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