UK is in Recession, Confirm Finance Minister

Business

UK Chancellor Jeremy Hunt revealed that the United Kingdom is now in recession and headed towards further growth. The finance minister confirmed it while announcing an emergency budget with tax increases impacting millions of people in the UK.

Jeremy Hunt has tabled the Autumn Statement in the House of Commons, launched by UK Prime Minister Rishi Sunak, to lay out the plans of UK government to get the economy back on track following the shockwaves of a mini-budget announced by Liz Truss in September 2022.

The Office for Budget Responsibility (OBR) forecast that the new budget, which is pointed to higher energy prices driven by Russia and Ukraine war as largely to blame for the drop, with economic growth not expected until 2024.

Jeremy Hunt said that, there is a global energy crisis, global inflation crisis, and a global economic crisis. But with this plan for stability, public services, and growth, they will come under the storm, and with British resilience and compassion, said Hunt.

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Due to the difficult decisions, they take in their plan, they have also strengthened their public finances, protected jobs, and decreased inflation.

According to the finance minister, he had tried to be fair in his decisions by asking people with more contribution, and is also avoiding tax increases and more damage growth. The UK chancellor has also promised that his plan will lead to a shallow downturn.

Rachel Reeves added that the conservative party have crashed their economy, and has also sent inflation through the roof, and the ordinary working people will be paying the price.

Sandy

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