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Moment Jeremy Hunt confirmed the UK has entered recession
Jeremy Hunt has confirmed that the UK is now in a recession as he announced tax rises in his Autumn budget.
The chancellor said: “The OBR forecast the UK’s inflation rate to be 9.1 per cent this year and 7.4 per cent next year ... They also judge that the UK, like other countries, is now in recession.”
Overall, he said, the economy is still forecast to grow by 4.2 per cent this year, before the GDP is expected to fall next year.
Mr Hunt told the Commons the priority is “stability, growth and public services.”
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