British Chancellor of the Exchequer Jeremy Hunt announced the autumn budget in Parliament on November 17, saying that in order to ensure economic stability, the British government will increase taxes and reduce fiscal expenditures in the next few years. Hunt said the Office for Budget Responsibility expects inflation to average 9.1% this year. The office judges that the British economy is currently in recession and expects gross domestic product (GDP) to decline by 1.4% next year.
Xinhua News Agency
(Editors in charge: Jia Wenting, Liu Hui)
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