The UK’s Autumn Budget and the Start of Austerity
Jeremy Hunt, the UK’s Chancellor of the Exchequer, presented his government’s autumn budget statement to the House of Commons, marking the beginning of one of the most complex and challenging economic periods for the UK, comparable only to the post-2008 financial and economic crisis era.
In his remarks to the House of Commons, Jeremy Hunt emphasized maximum efforts to assist the public during the upcoming crisis period and warned that tough days lie ahead for all Britons. Based on definitive forecasts and reliable data, the net income of every UK citizen is expected to decrease by more than seven percent over the next two years.
The UK must address a budget deficit ranging from 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.