Jeremy Hunt Britain Ukraine Russia Indiana county Hunt record country economy Jeremy Hunt Britain Ukraine Russia Indiana county Hunt

UK Chancellor Jeremy Hunt Outlines Billions In Tax Rises And Spending Cuts As The Country Falls Into Recession

Reading now: 710

The 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.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related Celebs News