British economy in recession – Chancellor ...News

Jeremy Hunt announced tax hikes and spending cuts Britain is now officially in a recession, Chancellor of the Exchequer Jeremy Hunt said on Thursday as he delivered his Autumn Statement to Parliament, having unveiled a new fiscal plan to weather the economic “storm.” A recession is a downturn in economic activity when a country’s GDP declines for two consecutive quarters. As a result, the national budget commonly receives less tax revenue as businesses make less money, pay drops, and unemployment increases. The chancellor announced a raft of “difficult decisions” including around £30 billion ($35 billion) in spend

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