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France 24

UK unveils austerity budget despite recession

France 24 ·
France 24
France 24

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.