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Added on the 18/10/2022 08:55:15 - Copyright : Euronews EN
British Chancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street to deliver an autumn statement at the House of Commons where he is expected to unveil hefty tax rises and spending cuts at the risk of worsening a cost-of-living crisis for millions in the recession-bound economy. IMAGES
UK Finance Minister Jeremy Hunt poses outside 11 Downing Street with the red, leather-covered box containing his speech before leaving to present the spring budget to parliament. Britain's Conservative government is expected to use the budget update to unveil tax cuts for millions of workers, in an attempt to woo voters before a general election. Prime Minister Rishi Sunak's party, which has been in power since 2010, is well behind the main opposition Labour party in opinion polls and looks likely to be dumped out of office. IMAGES
Britain's economy will rebound this year and not shrink as initially thought, but will grow far less than expected next year, finance minister Jeremy Hunt says as he presents his Autumn Statement to parliament. Gross domestic product will expand 0.6 percent in 2023, Hunt said citing the Office for Budget Responsibility fiscal watchdog, upgrading its prior forecast of minus 0.2 percent. GDP is then set to grow by 0.7 percent in 2024, which was sharply down from previous guidance for a 1.8-percent expansion. SOUNDBITE
In a statement outside 10 Downing Street, British Prime Minister Liz Truss says she is resigning as leader of the Conservative party, saying that "given the situation, I cannot lead the mandate for which I was elected by the Conservative party" SOUNDBITE
Speaking at a news conference in Brussels, EU Commission vice-president Valdis Dombrovskis announces the EU has rejected Italy's budget. SOUNDBITE
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