UK Chancellor Jeremy Hunt on Thursday announced tax measures that would raise billions, spending cuts and cost of living support measures for households and businesses struggling with soaring energy bills as he confirmed the economy is in a recession.
Headline inflation rate is forecast to be 9.1 percent this year and 7.4 percent next year, Hunt said in his autumn statement, citing the latest projections from the Office for Budget Responsibility. "They confirm that our actions today help inflation to fall sharply from the middle of next year."
For comments and feedback contact: editorial@rttnews.com
Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.