UK finance minister announces tax hikes and spending cuts, says country is in recession

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The U.K. government on Thursday unveiled a sweeping fiscal plan aimed at plugging a gaping hole the public finances and restoring Britain's economic credibility.

Finance Minister Jeremy Hunt, in his hotly anticipated inaugural Autumn Statement, outlined spending cuts and tax hikes worth £55 billion.

Finance Minister Jeremy Hunt, in his hotly anticipated inaugural Autumn Statement, outlined around £30 billion in spending cuts and £25 billion in tax hikes. "We need fiscal and monetary policy to work together," he said. "That means the government and the Bank working in lockstep. It means, in particular, giving the world confidence in our ability to pay our debts."The measures will increase financial hardship on millions of Britons as they confront the country's worst cost-of-living crisis in decades and its longest-ever recession.and recover the U.K.'s reputation; dubbing the plan the "ultimate growth strategy.

 

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