- and the UK is now believed to be in recession, Chancellor Jeremy Hunt has said. Mr Hunt is delivering his Autumn Statement in the House of Commons today .
Read more: 'Violent' man lifted woman off the floor by her neck during 'terrifying' attack in Clifton “GDP then falls in 2023 by 1.4%, before rising by 1.3%, 2.6%, and 2.7% in the following three years. The OBR says higher energy prices explain the majority of the downward revision in cumulative growth since March.
Meanwhile, energy firms have also been hit with an expanded windfall tax of 35%. This is up from the 25% already levied.
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