UK Recession: People all over the world fear recession. The growth figures of many countries’ economies are facing a major downturn. Although no country has officially opened its mouth on the economic recession, Rishi Sunak’s government in Britain has revealed that the truth has been misrepresented. The people there are shaking their heads with this news.
Finance Minister.. After the official announcement of the 2008 financial crisis, companies and governments around the world took drastic decisions. But this time Jeremy Hunt, who was the finance minister of Britain, revealed the truth. The UK economy is already in recession. It seems that many people are at risk of losing their jobs.
Tax hikes.. Despite the UK economy being in recession.. Rishi Sunak’s government has announced a plan of tax hikes and spending cuts worth around 55 billion euros. Britain’s Finance Minister Jeremy Hunt said significant spending cuts are needed to improve the country’s economy. People believe that spending will increase slowly.