UK finance minister announces tax hikes and spending cuts, says country is in recession

The U.K. government on Thursday unveiled a sweeping fiscal plan aimed at plugging a gaping hole the public finances and restoring Britain’s economic credibility.

Finance Minister Jeremy Hunt, in his hotly anticipated inaugural Autumn Statement, outlined spending cuts and tax hikes worth £55 billion.

The measures will increase financial hardship on millions of Britons as they confront the country’s worst cost-of-living crisis in decades and its longest-ever recession.