{"id":220010,"date":"2022-11-17T12:33:49","date_gmt":"2022-11-17T12:33:49","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=220010"},"modified":"2022-11-17T19:34:29","modified_gmt":"2022-11-17T19:34:29","slug":"uk-enters-recession-as-government-announces-tax-rises","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/uk-enters-recession-as-government-announces-tax-rises\/","title":{"rendered":"UK enters recession as Government announces tax rises"},"content":{"rendered":"

Britain\u2019s economy is already in recession and set to shrink by 1.4% next year after the fiscal watchdog slashed growth forecasts due to rampant inflation.<\/strong><\/p>\n

The Office for Budget Responsibility (OBR<\/a>) has said it expected UK gross domestic product (GDP) to slump as it significantly downgraded previous projections that the economy would actually grow by 1.8% in 2023. However, it has slightly upgraded the total economic growth expected this year to 4.2% from 3.8% in the March statement.<\/p>\n

The OBR has also predicted that inflation will hit an average rate of 9.1% this year and 7.4% in 2023.<\/p>\n

In his autumn statement, Chancellor Jeremy Hunt said the forecasts \u201cconfirm that our actions today help inflation to fall sharply from the middle of next year. They also judge that the UK, like other countries, is now in recession.\u201d<\/p>\n

Hunt also confirmed in his speech that new spending reductions and tax plans are intended to help address the UK\u2019s fiscal hole. The hole is the extra money needed by the Government in order to meet self-imposed targets to bring down the size of state debt relative to national income.<\/p>\n

Hunt told MPs his three priorities were \u201cstability, growth and public services\u201d. He set out a package of \u00a330 billion of spending cuts and \u00a324 billion in tax rises over the next five years.<\/p>\n

The Chancellor announced the following measures:<\/strong><\/p>\n