Barely appointed by Liz Truss, Jeremy Hunt, the new British finance minister announced on Saturday October 15 that “difficult decisions” were going to have to be taken to rectify the Prime Minister’s economic plan.
“A chancellor can’t control the markets, but what I can do is show that we can fund our plans on taxes and spending and that’s going to take some very tough decisions”Mr Hunt told Sky News.
‘It was a mistake to fly blind’ Chancellor Jeremy Hunt admits that there were mistakes in the mini-budget and that… https://t.co/8YPIFUD5Qh
Jeremy Hunt has been appointed to replace Kwasi Kwarteng, sacked amid an economic and financial crisis leading to a political crisis within the Conservative Party. This close friend of Rishi Sunak, former finance minister of Boris Johnson and opponent of Liz Truss in the campaign for Downing Street, has the mission of taking over the mini-budget announced on September 23 by his predecessor and very badly received by the markets. , a good part of the Conservative Party and the British population.
He felt that ” errors “ had been made in this mini-budget which provides for massive spending and tax cuts without clear funding. “The Prime Minister acknowledged [ces erreurs]that’s why I’m here”he said, adding that he shared the “fundamentals” of its economic project.
“There were some mistakes made in the last few weeks, that’s why I’m sitting here” Chancellor Jeremy Hunt says mis… https://t.co/i1FyZvoqHB
Series of turnovers
“I want to be honest with people: we have difficult decisions to make, the last few weeks have been very difficult”, he insisted during his first public speech as Chancellor of the Exchequer. In particular, he announced that “spending will not increase as much as people would like” and that he was going to ask “all ministerial departments to be more efficient”. “Some taxes will not be reduced as quickly as people would like”and “some taxes will increase”, he added, alluding in particular to the new concession announced on Friday by Liz Truss.
The Prime Minister had to give up keeping the corporate tax rate at 19%, resigning herself to maintaining the increase to 25% planned by the previous Conservative government. Two weeks ago, she had already had to abandon a tax cut for the richest households, in the face of the bronca aroused, including within the Conservative Party.
“It is clear that some parts of our mini-budget were going too far and too fast compared to what the markets expected”acknowledged M.me Truss at a brief press conference in the early afternoon, before announcing that she was resolved to raise corporation tax as planned by the previous Conservative government. But she also said to herself “absolutely determined to hold on” his promise to“stronger growth” for the UK economy.