The UK is “in recession”, with GDP set to decline by 1.4% in 2023, Finance Minister Jeremy Hunt announced on Thursday, citing new projections from the Office for Budget Responsibility (OBR).
In question, the inflation that continues to advance and that reached 11% in October in one year.
At the same time, London confirmed its budget guidance with £55bn of spending cuts and tax increases.
The UK has also announced that it will increase the exceptional tax on the profits of energy giants to rescue public finances. The rate of this tax will be increased to 35% from the current 25% for the oil and gas sector. Electricity producers will see their exceptional benefits taxed at 45% from January 1.
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Source: BFM TV
