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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. 

Jeremy Hunt delivers his Autumn Statement to Parliament on Nov. 17. 

Photographer: Jessica Taylor/UK Parliament

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.