The United Kingdom and Russia entered in RecessionThis is indicated by the latest data provided by the economic authorities of each country, and is due to high inflation in the region, as well as the crisis in Ukraine.
For its part, it entered the United Kingdom Recession Minister Jeremy Hunt confirmed that GDP will decline by 1.4% in 2023, citing data from the Office for Budget Responsibility (OBR).
According to the Bank of England, This recession could last until mid-2024 It is the longest in British history.
to clean up public finances, Hunt announced measures that in the next five years They must provide £30 billion in spending cuts and £25 billion in additional taxes.
between them, From January 1, the tax will be increased from 25% to 35%. To exceptional benefits for oil companies, which will be extended for three years until 2028.
TheThe British currency fell sharply against the dollar After viewing the “autumn budget”.
The United Kingdom seeks to give the world confidence
Hunt was seeking to reassure markets about the UK’s credibility, after the chaos caused by the ultra-liberal policies announced in September by Les Truss’s government is short-lived.
He introduced a plan that combined massive energy subsidies with aggressive tax cuts With no more financing than to fatten Britain’s already huge public debt.
Appointed in October to replace TrussAfter being ousted from power after a month and a half, the governor also promised Rishi Sunak to right his “mistakes”.
The The UK sees a similar austerity return To which was adopted after the banking crisis in 2008the consequences of which are still being felt, particularly in the field of public health.
also An additional 8,000 million pounds will be spent on ailing public health and 2,300 million pounds on education. On the contrary, the rest of the ministries will see their spending limited Although inflation.