UK Treasury Secretary Jeremy Hunt today unveiled the long-awaited budget. The country will avoid a recession this year with much slower inflation and £94 billion (€107.5 billion) in relief for the population, Hunt said in the UK Parliament. “In the face of a cost of living crisis (…) we have demonstrated our values by protecting families who have been struggling,” Hunt said.
According to Hunt, the aid package to relieve the burden on citizens is worth £94 billion this year and next. Specifically, the electricity and gas bills are to be subsidized for a further three months and childcare is to be improved.
Hunt said inflation, which currently stands at over 10 percent in the UK, will ease to around 2.9 percent by the end of the year. Contrary to earlier economic forecasts, the UK is “technically not in a recession this year”.
