‘A grim few years ahead’
• Hunt says UK in recession as economy to shrink 2% by 2024 • Households to suffer from historic collapse in living standards • Millions to pay more tax and typical energy bills to hit £3,000 • But biggest spending cuts deferred until after the next el
Britain is facing the sharpest fall in living standards for generations as the chancellor confirmed the country is now in a recession expected to last until 2024. In an autumn statement designed to rein in inflation and restore financial stability, Jeremy Hunt unveiled stealth taxes totalling £25bn and £30bn of cuts to public services. The Office for Budget Responsibility said a 7 per cent slump in household incomes will wipe out the gains of the last eight years. The Institute for Fiscal Studies said: “The next few years look grim in terms of living standards, with the biggest drop in household incomes for a generation.”