Britain is “now in recession”, Jeremy Hunt has told MPs as he unveils his plan for more tax rises and spending cuts.
Speaking during his autumn budget the chancellor said the Office for Budget Responsibility believes the economy is now contracting.
A recession occurs when the economy shrinks for two consecutive quarters.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies