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
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.