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."
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.