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UK Chancellor Jeremy Hunt on Thursday promised to "tackle the cost-of-living crisis" and "rebuild our economy" as he set out plans for tax rises and spending cuts.
Hunt said there would be a "shallower downturn" as a result of his measures.
He told MPs his three priorities were "stability, growth and public services", as he delivered his autumn statement.
Hunt was setting out a package of £30 billion of spending cuts and £24 billion in tax rises over the next five years.
His package is in stark contrast to his predecessor Kwasi Kwarteng's ill-fated plan for £45 billion of tax cuts, less than two months ago, which spooked the markets, pushed up the cost of borrowing and contributed to the downfall of Liz Truss' short-lived administration.
Hunt said "unfunded tax cuts are as risky as unfunded spending".
The Office for Business Responsibility judges that the UK is now in recession. It expects a UK inflation rate of 9.1% this year and 7.4% next. Hunt said: "We must continue a relentless fight to bring [inflation] down.
source: PA
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