British Treasury Secretary Jeremy Hunt said that the new financial plan will seek to make any recession as short as possible.
He said in a dialogue on the “Sky News” network today, Sunday: “I want to make sure that this recession, if we enter the stagnation stage, is to be short and shallow as possible. ”
The British economy has shrunk during the third quarter for the first time since the first quarter of 2021.
Bloomberg News reported that Hunt will announce his plan on November 17, as he seeks to fill a budget deficit estimated at more than 50 billion euros (56 billion dollars).
The reports that Hunt would announce the raising of income tax revenues, the application of unexpected taxes on energy companies, and the imposition of inheritance taxes, had sparked bid within the conservative party.
Hunt explained that reducing spending and increasing taxes is necessary to reduce inflation and control the growing government debt..
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