Britain is set Thursday to unveil hefty tax rises and spending cuts at the risk of worsening a cost-of-living crisis for millions in the recession-bound economy. A day after official data showed UK inflation rocketing to a 41-year high above 11 percent, Chancellor Jeremy Hunt will trigger a fresh era of austerity after the calamitous and short-lived tenure of Prime Minister Liz Truss. The chancellor will insist his strategy “protects our long-term economic growth” while being “compassionate” towards the most vulnerable. “We aren’t immune to these global headwinds, but with this plan for stabil…