Britain is experiencing a recession, and it's possible that things will get worse in the next few days. The British government has begun attempting to address it. The government of Prime Minister Rishi Sunak outlined many initiatives to combat the situation.
A 5500 billion pound budget proposal has been announced by Sunak's administration. The government's alternative plan, which includes a significant hike in tax rates, was unveiled the day before by Finance Minister Jeremy Hunt. Energy businesses are now subject to a 35 percent windfall tax, up from a 25 percent rate. Electric generators now have to pay a temporary tariff including other changes in different sectors.
Inflation in Britain reached a 41-year high in October, prompting requests for the government to take additional action to help the country's cost-of-living crisis. Consumer prices in the UK have increased by 11.1% over the last 12 months, according to the Office for National Statistics (ONS). Prior to the announcement of the numbers, experts had projected a rise of 10.7%, but the unexpected rise in numbers has taken a toll on Uk’s inflation rate leaving Sunak’s administration concerned.