Chancellor Jeremy Hunt announces tax rises and major spending cuts in Autumn Statement | ITV News

Chancellor Jeremy Hunt has confirmed the UK is now in a recession as he set out £55 billion of tax hikes and spending cuts in his highly-anticipated Autumn Budget.

Confirming increased energy bills, high inflation and tax increases, the chancellor warned: "Anyone who says there are easy answers are not being straight with the British people."

Following what was slammed as an "austerity" budget, the pound dropped sharply against the US dollar in the wake of the gloomy forecasts from the independent fiscal watchdog, the Office for Budget Responsibility (OBR).

Household disposable income will drop by more than 7% over the next two years, according to the OBR - the biggest fall since records began.

• Subscribe to ITV News on YouTube: http://bit.ly/2lOHmNj
• Get breaking news and more stories at http://www.itv.com/news

Follow ITV News on Facebook:   / itvnews  
Follow ITV News on Twitter:   / itvnews  
Follow ITV News on Instagram:   / itvnews