UK economy is now in recession, Jeremy Hunt announces in Autumn Budget

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Britain is 'now in a recession', Jeremy Hunt tells MPs as he unveils his plan for more tax hikes and spending cuts .

Speaking during his autumn budget, the Chancellor said the Office for Budget Responsibility believes the economy is contracting now.

A recession occurs when the economy has contracted for two consecutive quarters.

On Wednesday, Bank of England Governor Andrew Bailey described the UK's economic record in recent years as "not a good story" and said its performance was considerably worse than that of the United States and the eurozone.

The slide into recession is particularly notable because the UK economy is still not yet back to its pre-level the pandemic, although the United States and the Eurozone did.

"The OB R expects the UK inflation rate to be 9.1% this year and 7.4% next year," Mr Hunt told the Commons.

" They confirm that our actions today help the stock to fall sharply from the middle of next year r. They also judge that the UK, like other countries, is now in recession."

"Overall this year, the economy is still expected to grow by 4.2%. GDP then falls in 2023 by 1.4%, before increasing by 1.3%."