UK chancellor confirms country is in recession
Saeed Pourreza
Press TV, London
Transfixed, ordinary Britons stand glued to their screens, waiting the news to sink in. After weeks of will he, will he not? The UK's new chancellor has announced his economic plan for the country. Except for a couple of surprise rabbits out of the hat such as a bit of more spending in the health and educations sectors, it was what everyone had expected: tax hikes and spending cuts aimed at plugging a nearly 65bn dollar hole in public finances created by the previous Conservative government only two months ago.
Soon, millions of Britons will be paying more taxes. A freeze on nontaxable part of their income, will mean millions will be dragged into higher tax brackets, and the cap on energy bills introduced by the previous government will be scaled back as of April next year.
And as if that wasn't enough, Britons are gonna see Public sector spending cuts to the tune of 30bn dollars.
All this as the country grappled with double digit inflation, rising energy costs, and a prolonged recession, none of which was lost on the opposition.
As ever, the Jeremy Hunt as did the PM before him blamed Britain's economic woes on the Pandemic and external factors such as the war in Ukraine. But many experts say, that's not all.
Despite the government saying the measures announced today are necessary to balance the books, there's no doubt they're going to have real-life consequences for millions of Britons for years to come.
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