Jeremy Hunt explained why he was announcing tax hikes and spending cuts
British economy in recession – Chancellor
Britain is now officially in a recession, Chancellor of the Exchequer Jeremy Hunt said on Thursday as he delivered his Autumn Statement to Parliament, having unveiled a new fiscal plan to weather the economic “storm.”
A recession is a downturn in economic activity when a country’s GDP declines for two consecutive quarters. As a result, the national budget commonly receives less tax revenue as businesses make less money, pay drops, and unemployment increases.
The chancellor announced a raft of “difficult decisions” including around £30 billion ($35 billion) in spending cuts and £25 billion ($29 billion) in tax hikes. A six-year freeze on income tax thresholds and a lowering of the top rate of income tax to £125,000 ($147,000) are also among the measures.
According to Hunt, the energy industry will be hit with an expanded windfall tax of 35% up from 25% as part of his new budget plan.
UK inflation hits 41-year highREAD MORE: UK inflation hits 41-year high
The fiscal measures also include a 10% increase in the state pension, benefits and tax credits, as well as a rise in the National Living Wage from £9.50 ($11.21) an hour for those aged 23 and above.
“The Office for Budget Responsibility (OBR) judge that the UK, like other countries, is now in recession,” Hunt told MPs. “It says higher energy prices explain the majority of the downward revision in cumulative growth since March.”
“The OBR confirm that because of our plans, the recession is shallower, and inflation is reduced. Unemployment is also lower with about 70,000 jobs protected as a result of our decisions today,” he explained.
According to the OBR, the UK economy is still forecast to grow by 4.2%, but would shrink by 1.4% next year, before rising by 1.3%, 2.6%, and 2.7% in the following three years. The inflation rate is projected to be 9.1% this year and 7.4% in 2023. Unemployment is expected to rise from the current 3.6% to 4.9% in 2024 before falling to 4.1%.
The Islamic Revolution Guards Corps’ (IRGC) Intelligence Unit says Iran will consider the Israeli regime’s shelters “legitimate targets” if residential areas in the country come under attack.
In a post published on social media platform X on Tuesday, the IRGC said that any strikes on residential areas in Iran would give Iran’s armed forces the right to attack Israeli shelters in the occupied lands.
The IRGC stated that it has intelligence on the blueprints and the exact locations of these shelters.
Iran began its Operation True Promise 4 after the US and Israel launched their joint military aggression against the Islamic Republic in late February by assassinating Leader of the Islamic Revolution, Ayatollah Sayyed Ali Khamenei, and several senior Iranian officials.
In its latest wave of attacks, the IRGC said it rained down missiles on the Israeli regime’s “secure” intelligence facilities in Tel Aviv.
Iranian armed forces have also pounded American military bases and ...
In a fresh wave of retaliatory strikes, the Islamic Revolution Guards Corps (IRGC) targeted the Israeli regime’s “secure” intelligence facilities in Tel Aviv.
The IRGC’s Public Relations Department said in a statement on Tuesday that it had carried out the 79th wave of its ongoing retaliatory Operation True Promise 4 against the Israeli and American targets.
Deploying powerful Kheybar Shekan, Emad, and Sejjil missiles alongside IRGC Aerospace Force kamikaze drones, the operation successfully breached the regime's multi-layered air defense systems, the statement said.
The missiles, it stated, targeted Israel’s intelligence facilities in northern and central Tel Aviv, as well as military commercial and support centers in Ramat Gan and the Negev.
The missiles also hit Israel’s southern military logistics and command headquarters in Beersheba.
The missile strikes triggered widespread panic across Israel and forced the suspension of a Knesset (parliament) session on Tuesday.
...
The Islamic Revolution Guards Corps (IRGC) announces staging the 78th wave of its underway retaliatory Operation True Promise 4, targeting such highly sensitive Israeli targets as Dimona, Tel Aviv, and Eilat as well as several US military bases in the region.
In a statement on Tuesday, the IRGC described the latest phase of the operation as a significant development featuring missiles raining down on enemy targets as the nation was leveling momentous support behind the Islamic Republic by attending millions-strong rallies with "clenched fists."
'A distinct record'
The latest phase, it noted, "has set a distinct record in the timeline of the war."
According to the statement, targets in the occupied port of Eilat, Dimona, a heavily fortified city that hosts the Israeli regime's notorious nuclear reactor in its vicinity, and northern Tel Aviv were struck using Emad and multi-warhead Qadr missile systems along with attack drones.
This was the second time the Corps was hitting Dimona, ...
