Recession In UK: Recession has come in Britain and it is believed that the economy may shrink further. Britain’s Finance Minister Chancellor Jeremy Hunt presented the Emergency Budget on Thursday in which he proposed to increase tax. has been announced. Tax hike can affect lakhs of people. Jeremy Hunt presented the Autumn Statement in the House of Commons, which was enthusiastically received by British PM Rishi Sunak. This budget has been presented with the aim of bringing the UK economy back on track. The British economy was hit hard by the rollback of former Prime Minister Liz Truss’ mini-budget in September.
UK Treasury said Jeremy Hunt’s plan is a targeted package of aid for the most vulnerable that will reduce government debt as well as help fight inflation in the face of unprecedented global pressures from the pandemic and the Russia-Ukraine conflict will.
The total amount of savings from the budget through tax increases and spending cuts has been estimated at £55 billion. After the cut in the top rate of income tax limit and moratorium on many other taxes, it is believed that lakhs of people will have to pay tax in the coming years. The income tax personal allowance and higher rate limit have been frozen for the next two years till April 2028. The Finance Minister said that he has tried to be fair by asking those who have more to contribute more and has tried to avoid raising taxes as that would have hurt growth more.