Britain on Thursday unveiled an austerity budget with £55 billion ($65 billion) of tax hikes and spending cuts despite confirming its economy was in recession. Finance minister Jeremy Hunt confirmed the painful measures were needed to bring financial stability after recent turmoil, and insisted they would alleviate rather than aggravate the downturn. 

London

Inflation across the developed world is surging, with the rising cost of living expenses at the highest level since the 1980s.

Global Inflation Concerns

UK unveils austerity budget despite recession

It goes without saying that quite a bit is on the line. Not only fixing the UK's batter finances, but also restoring its economic credibility. After brexit the pandemic and now historic inflation. So far, we're going across town to a corresponding in London, Benedict, patio, Heather, Benedict. So, can you give us the main takeaways of of Jeremy Hunt speech? Yes, I can. And there is no doubt that this is a defining moment for the new prime minister Rishi sunak also for his Chancellor, Jeremy Hunt, this is what the heckling it is. Not a budget statement, but it is indeed a budget. And this government, basically, junk deleted strapped, shredded, the mini budget, that was the 23rd of September the coast of Tamil in the market. So he's been speaking from our in the House of Commons really underlining to tell compassionately understand what a difficult moment. This is. But everybody here is going to be paying more taxes. Confirmed, that that would be spending squeezes on government departments. He said that they were indeed tough decisions that needed to be made. He acknowledged in the UK. It's not in recession and the things will get worse before they improved. As far as spending on public services spending something in government departments, he said that every government department will be squeezed, but importantly defense and health budgets will be protected income tax. The one everybody's watching for here, you know, if the income tax parcel Oz threshold will be frozen until 2028. What does this mean? What it means that millions of people will end up paying more in tax of the point at which the highest honor stop paying the toll rates of tax is going to be loaded Wilson, from 150000 lb to just over one hundred and twenty-five thousand pounds and it's a with an expanded windfall. Tax of 35% that's up from the 25% already levied, help for energy bills with everybody is absolutely. To hear about it. Today that's helped will be extended, but it will be less generous, so, Mr. Hunt confirmed. That millions of households will see their energy bills go up by hundreds of pounds a year from April household, using a typical amount of gas and electricity will pay. Three thousand pounds annually up from 2500 LB. One lost quick. One is that they will be sized will see, that is good news. The first time in thirty years, the creation D building, a confirmation this building of a nuclear plant is good news for EDF. It was a highly anticipated statement of Benedict. So what have the reactions been thus far to some of those announcements that you just laid out? Well, I just got a chance to hear the immediate first reaction of the main opposition party, the Labour party and that shadow Chancellor Rachael Ray's. She says that this is really 12 years of conservative, economic failure, that watching people will pay the price, that the chancellor should have come. Jeremy wants you to come to Parliament with an apology and apology not just with the 12 years of the particular for that many budget announced by his predecessor, Kwasi kwarteng under the 6th street from your ship of mistrust effectively, all of that and what the charges are just presented to. The nation, is not support, not have not a solution, an invoice for what she goes. Economic Carnage and the Tory party could never again, claimed economic competence, you can see the Labour party. Really not happy at all with the announcements that are just being made by the new chocolate. Benedict's patio. Thank you very much for that update from London.

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Global Inflation Concerns