Jeremy Hunt’s mission is to take control of the mini-bug announced on September 23 by his predecessor and very badly welcomed by the markets, a good part of the Conservative Party and the British population.
Le Monde with AFP
Barely appointed by Liz Truss, Jeremy Hunt, the new British Minister of Finance announced, on Saturday October 15, that “difficult decisions” were going to be taken to rectify the Prime Minister’s economic project.
“A chancellor cannot control the markets, but what I can do is show that we can finance our projects on taxes and expenses and this will require very difficult decisions,” said Hunt On Sky News.
‘it was a mistake to fly blind’
Chancellor Jeremy Hunt admitted that there Were Mistakes in the mini-budget and that… https://t.co/8ypiFud5qh
Jeremy Hunt was appointed to replace Kwasi Kwarteng, dismissed against the backdrop of an economic and financial crisis leading to a political crisis within the Conservative Party. This relative of Rishi Sunak, former Minister of Finance of Boris Johnson and opponent of Liz Truss in the campaign for Downing Street, has the mission to take control of the mini-budget announced on September 23 by his predecessor and very badly welcomed by the markets , a good part of the conservative party and the British population.
He estimated that “errors” had been made in this mini-budget which provides spending and massive tax cuts without clear funding. “The Prime Minister recognized [these errors], that’s why I am here,” he said, adding that he shared the “fundamentals” of his economic project.
“There were some Mistakes made in the last few weekends, that’s why i’m sitting here”
Chancellor Jeremy Hunt Says Mis… https://t.co/i1fyzvoqhb
Series of reversals
“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 speaking as a chancellor of the Echiquier. He notably announced that “spending will not increase as much as people would like” and that he was going to ask “all the ministerial departments to be more effective”. “Certain taxes will not be reduced as fast as people would like it”, and “certain 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 preserving the 19 % corporate tax rate, resigning herself to maintaining its 25 % increased increase by the previous conservative government. Two weeks ago, she had already abandoned a drop in tax for the richest households, facing the aroused bronca, including within the Conservative Party.
“It is clear that certain parts of our mini-budget went too far and too quickly compared to what the markets were waiting for,” said M me truss during a brief conference of Press in the early afternoon, before announcing that it resolved to increase corporate tax as the previous conservative government had planned. But she also said he was “absolutely determined to keep” her promise to “stronger growth” for the British economy.