Hunt Bows to Bleak Reality as UK Faces Weak Growth and Rising Taxes
- Britons to see record drop in living standards in recession
- Chancellor tries to repair finances hit by soaring debt costs
Jeremy Hunt delivers his Autumn Statement to Parliament on Nov. 17.
Photographer: Jessica Taylor/UK ParliamentThis article is for subscribers only.
Chancellor of the Exchequer Jeremy Hunt laid bare a bleak new reality for the UK economy on Thursday, one plagued by weak growth and rising taxes for years to come.
Pinned in by a toxic combination of recession, investor skepticism and the sharpest squeeze in living standards since records began 66 years ago, Hunt pieced together £55 billion ($65 billion) of tax hikes and spending cuts in a bid to stabilize public finances.