Chancellor delivers autumn statement as he blames global factors for economic crisis
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Jeremy Hunt has sought to tackle what he insisted was a fiscal crisis caused by global factors with a wholesale series of tax rises and spending curbs, as he announced that government forecasts showed the UK was already in recession..
In a lengthy and policy-packed autumn statement – a budget in all but name – the chancellor warned of difficult times to come with GDP forecast to contract by 1.4% next year and inflation to remain above 7%, but sought to put off much of the pain to future years.
