As Recession Looms over the world for the year 2023, the Finance Minister of the United Kingdom Jeremy Hunt said that the United Kingdom is already in recession and further added that the Economy is headed for a shrinkage. Hunt further added that controlling inflation was his top priority
Rishi Sunak administration has announced a Fiscal Plan consisting of Spend cuts and Tax hikes. He Further added that these painful measures were required to get back the economy on track.
The Bank of England has also that the United Kingdom Economy may experience a record breaking recession until mid-2024.