Chancellor of the Exchequer Jeremy Hunt delivered his Autumn Budget today in the House of Commons.
Alongside a flurry of economic policies, one key admittance stood out in his speech, that Britain is now officially in a recession. The Office for Budget Responsibility (OBR) largely attributed the economic downturn to increasing energy prices and Russia's invasion of Ukraine.
The OBR noted that the economy is still forecast to grow by 4.2 per cent but warned that it could shrink by 1.4 per cent next year. After this, it predicts that sit could rise by 1.3 per cent, 2.6 per cent, and 2.7 per cent in the consecutive three years.
