Britain: “The government made mistakes”, admits the new Finance Minister Hunt

Her government Prime Minister Liz Truss he made mistakes with its controversial plans for tax cuts that roiled financial markets and led to the ouster of his predecessor Kwazi Kwarteng, Britain’s new finance minister said today Jeremy Hunt.

“It was a mistake at a time when we would be calling for tough decisions across the board on tax and spending to cut the tax rate for the wealthiest,” Hunt said on his first day as finance minister.

Hunt added that he agreed with the Trust’s basic approach, which seeks to spark economic growth, but noted that the way the prime minister and Kwarteng have done it has not worked.

“It was a mistake to do it blindly and make these projections without giving people the assurance of the Office for Budget Responsibility saying the bill is coming out. The prime minister recognized that, that’s why I’m here,” he added.

Britain’s new finance minister underlined that some taxes will increase and that government spending will rise less than previously planned as, he warned, they face difficult decisions to restore credibility to Britain’s economic policy.

After the turmoil caused by financial markets, British Prime Minister Liz Truss yesterday sacked Kwazi Kwarteng and scrapped parts of their controversial economic package, mounting a bid for political survival less than 40 days after taking office.

Tras noted yesterday that the corporate tax rate will increase, abandoning her plan to keep him at current levels.

Although large, unfunded tax cuts were central to the Truss’ original plans, Hunt said today that tax increases are on the table, marking another sharp policy shift as the Truss fights for its political survival.

“We have some very difficult decisions ahead of us”Hunt noted in his statements to Sky News today.

“What the people want, what the markets want, what the country needs now, is stability,” he continued. “No finance minister can control the markets. But what I can really do is show that we can finance our tax and spending plans and that will require some very difficult decisions on both spending and taxation,” he stressed.

According to Britain’s new Chancellor of the Exchequer, spending will not increase as much as people would like and all government departments will have to find ways to improve performance at a higher level than they planned.

“Some taxes won’t go down as fast as people want and some taxes will go up. So it will be difficult,” Hunt emphasized.

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