London - Agencies:
UK inflation rose 11.1 percent last October, its highest level in 41 years, exceeding expectations of 10.7 percent, as rising food, transport and energy prices continued to put pressure on households and businesses.
The country is facing its longest recession ever, according to the Bank of England, as the government and central bank try to coordinate fiscal and monetary policy tightening in order to rein in inflation.
Chancellor of the Exchequer Jeremy Hunt will deliver a new financial statement on Thursday and is expected to announce large tax hikes and spending cuts in a bid to close a more than £50 billion gap in the country's public finances.
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