Britain announces tax hikes, spending cuts of 55 billion pounds

British Finance Minister Jeremy Hunt announced a tax hike and spending cuts of 55 billion pounds sterling; to address the cost of living crisis, rebuild the British economy, and achieve stability, growth, and public services

He stressed – during his speech before the House of Commons on the occasion of the launch of the spending review budget in the autumn season – that the UK economy is in a state of recession, indicating that his plan will help rebuild the economy and reduce debt; through an austerity budget based on increasing taxes and cutting spending.

Hunt explained that public spending will continue to increase each year for the next five years, but at a slower rate.

He stated in his speech before the House of Commons that borrowing in the current fiscal year -2022-2023- will be 7.1% of GDP.