After Finance Minister Jeremy Hunt revealed additional stress. Including tax increases now and spending cuts further down the track.

Hunt unveiled a budget proposal on Thursday to save 55 billion pounds

Tax rises are expect to account for about half of the budget cuts. Which has sparked discontent within Prime Minister Rishi Sunak’s governing Conservative Party.

UK Economy in Trouble

Even before Truss drove financial markets into a tailspin, Britain’s economy was suffering from rising inflation

Tax and Inflation Increase

According to the OBR, the tax burden will increase from 33.1% in the 2019–20 tax year to 37.1% of Gross domestic product in five years

NEXT STEP

The rating agency Moody’s said Hunt’s plan was a “next step” in fixing the national finances

RETREAT NOW

The OBR said that Britain was now in a recession and predicted a 1.4% decline in the economy for the following year as a result of the fiscal tightening. It projected growth at 1.8% in 2023 in March.