The head of the UK Treasury accused Russia of a recession in the kingdom
[ad_1]
Britain lost its financial stability mainly because of Russia’s actions in Ukraine. This was stated in an interview with The Sunday Times by the Minister of Finance of the United Kingdom, Jeremy Hunt.
“This is a recession labeled ‘Made in Russia’ and we need to restore stability in order to take the first step towards growth,” the Finance Minister said.
According to preliminary data, GDP for the third quarter of 2022 decreased by 0.2%. The continuation of this trend makes it possible to officially speak of the entry of the UK into a recession. Inflation in the country for the year has already exceeded 10%, and the figures continue to grow.
The Treasury Secretary earlier agreed with the Bank of England’s estimates that the recession in the country could drag on for two years and become the longest in the last century. “The question now is not whether we are entering a recession, but what can be done to make the fall small and as short as possible,” Hunt said.
The UK Treasury Secretary is scheduled to deliver a budget message on November 17. It is expected that in it he may announce the use of such unpopular measures as budget cuts and tax increases. In an interview with The Sunday Times, Hunt said he hoped the British would “understand the need to make some terrible decisions” to change the economic situation.
[ad_2]
Source link
