Britain on Thursday unveiled a budget with £55 billion of tax hikes and spending cuts despite confirming its economy was in recession. Its finance minister said the measures were taken for financial stability after recent market turmoil, insisting they would alleviate the downturn.
UK announces $65bn plan to fix finances as recession bites
LONDON: British finance minister Jeremy Hunt announced a string of tax increases and tighter public spending in a budget plan on Thursday that he said was needed after the blow dealt to the country's fiscal reputation by former prime minister Liz Truss.
Outlining a 55 billion-pound ($65 billion) plan almost half from tax rises - to fix the public finances, Hunt said the economy was already in recession and set to shrink next year as it struggles with inflation forecast to average 9.1% this year and 7.4% in 2023.
Britain's budget watchdog said rising prices would further erode people's wages and reduce living standards by 7% by April 2024 the year a national election is expected wiping out growth over the eight years to 2022. Millions of Britons are already struggling with a cost of living crisis.
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