The UK finance minister announces tax increases and spending cuts, claiming that the country is in recession.
The UK government unveiled a comprehensive fiscal plan on Thursday aimed at plugging a gaping hole in the public finances and restoring Britain's economic credibility. In his much-anticipated first Autumn Statement, Finance Minister Jeremy Hunt announced £55 billion in spending cuts and tax increases. Millions of Britons will face increased financial hardship as they face the country's worst cost-of-living crisis in decades and its longest-ever recession. The United Kingdom's government unveiled a £55 billion ($66 billion) fiscal plan on Thursday, aiming to plug a gaping hole in the public finances and restore Britain's economic credibility as the country teeters on recession. In his much-anticipated first Autumn Statement, Finance Minister Jeremy Hunt proposed around £30 billion in spending cuts and £25 billion in tax increases. The measures included a two-year extension of the income tax threshold freeze and a reduction in the top rate of income tax to £125,140 — mo...