Millions of people are to pay more in tax - and the UK is now believed to be in recession, Chancellor Jeremy Hunt has said. Mr Hunt is delivering his Autumn Statement in the House of Commons today (November 17).
Mr Hunt has promised to “tackle the cost-of-living crisis” and “rebuild our economy” as he set out plans for tax rises and spending cuts. He said there would be a “shallower downturn” as a result of his measures but the Office for Budget Responsibility (OBR) believed the economy was “now in recession”.
He told MPs his three priorities were “stability, growth and public services”. The OBR forecast the UK economy would shrink by 1.4% next year, Mr Hunt said.
