The UK’s Autumn Budget and the Beginning of Austerity
Jeremy Hunt, the UK’s Chancellor of the Exchequer, presented his government’s autumn budget statement in the House of Commons, marking the start of one of the UK’s most complex and challenging economic periods, comparable only to the post-financial and economic crisis years after 2008.
In his remarks in the House of Commons, Jeremy Hunt emphasized the maximum effort to help people during the upcoming crisis period, warning that tough days lie ahead for all Britons. Based on definitive forecasts and reliable data, the net income of each British citizen will decrease by more than seven percent over the next two years.
The UK must cover a deficit of between fifty to sixty billion pounds, and it is natural that part of this deficit results from government payments to keep energy prices low for Britons.