London wants to save £55 billion with tax hikes and spending cuts

Britain is now like other countries in recession, Hunt said, citing figures from the government's Budget Forecasting Agency.

London wants to save £55 billion with tax hikes and spending cuts

Britain is now like other countries in recession, Hunt said, citing figures from the government's Budget Forecasting Agency. Gross domestic product (GDP) will fall by 1.4 percent in the coming year.

Great Britain is currently struggling with significant economic problems, which is why the new budget deserves special attention. Inflation recently hit a 40-year high.

A relief and tax cut package put together by the previous government under ex-Prime Minister Liz Truss, which was to be financed with additional loans, caused panic on the financial markets and caused price slumps. The Bank of England was forced to intervene in bond markets to maintain financial stability. Amid the turmoil, Truss resigned after just six weeks in office. The new Prime Minister Rishi Sunak has declared the fight against inflation to be the top priority - now Hunt presented the budget of the new government.

Hunt was appointed by Truss after the chaos in the financial markets to calm the financial markets. He reversed almost all of the tax cuts she announced.

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