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