Jeremy Hunt replaces Kwazi Kwarteng at Treasury – Liz Truss hopes to buy time
THE Jeremy HuntBritain’s new Chancellor of the Exchequer, faces an early test today of his bid to reverse a crisis of confidence in Prime Minister Liz Truss when the bond market decides whether to improve her economic programme, which he himself Weekend.
Truss dismissed her friend Quazi Kwarteng appointing Hunt to the Treasury on Friday, hoping he will partially restore the credibility of her economic policy and remain in Downing Street just over a month after taking over as prime minister.
However, UK bonds saw a sharp sell-off during the final hours of the bond market last week, as investors saw the Trust’s decision to allow a rise in corporation tax – reversing its decision to freeze it – not was enough to deal with the situation.
Hunt, a former secretary of state and health, announced on Sunday that some taxes will rise, spending will rise less than originally planned and he hopes investors will take a positive note of the changes, which represent an overall shift in her economic policy. government.
“No market can control markets. No Chancellor of the Exchequer should seek to do that,” Hunt told BBC television during an interview yesterday.
“There is one thing we can do, and that’s what I’m going to do, to show the markets, the world, and the people watching from their homes, that we can effectively account for every cent we spend on the tax plans and our spending plans.”
The Sunday Times newspaper reported that Mr Hunt will delay a year the income tax cut for workers, which Truss had promised for April.
British bond trading begins at 10:00 am today (Greece time). Today will be the first day Britain’s long-term debt will not be backed by the Bank of England’s emergency bond buying, which began on September 28 and ended on Friday.
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