As the UK teeters on the brink of what could be a long recession, the chancellor Jeremy Hunt has once more warned he will be making “eye-watering” decisions. Mr Hunt said there was a “tough road ahead” as new figures revealed gross domestic product, the measure of national income known as GDP, contracted by 0.2%.
Economists fear the UK is at the beginning of what could turn out to be the longest recession on record. Technically, a recession is defined as two quarters of decreasing GDP – the figures for July to September could mark the start of one..
Mr Hunt said that he will be working in next week's autumn budget to make a possible recession “shallower and quicker”. Details of the Government's approach will be unveiled on Thursday.
