Jeremy Hunt statement sets scene for ‘grim’ fall in living standards

Recession to last until 2024 as taxes climb to highest level since Second World War

Britain is facing the sharpest fall in living standards for generations, as the chancellor confirmed the UK is now in a recession expected to last until 2024.

In an autumn statement designed to rein in inflation and restore financial stability, Jeremy Hunt deployed stealth taxes totalling £25bn and £30bn of cuts to public services to fill a £55bn gap in the government’s books.

He also set a course for austerity in public services like police, transport and local government, providing no extra cash to offset soaring inflation for the next three years and slashing expected increases in the following three by £36bn.