Jeremy Hunt says he faces ‘very difficult decisions on spending and tax’ as new Chancellor suggests ANOTHER U-turn | The Sun

JEREMY Hunt today hinted at yet another U-turn as he warned he was facing tough decisions on spending and tax.

The MP was appointed Chancellor yesterday after Kwasi Kwarteng was sensationally sacked following his catastrophic mini-budget announcement.

Mr Hunt today suggested public spending could go up – despite PM Liz Truss categorically saying this would not happen just two days ago.

He denied the UK would return to an austerity era but admitted "difficult" decisions needed to be made on spending and tax.

Mr Hunt told Sky News: "Spending will not go up as much as people want and there'll be more efficiencies to find and we won't have the speed of tax cuts we're hoping for, and some taxes will have to go up.

"That's the reality of the very challenging situation we face."

Read more politics

Can the PM justify staying in her job after throwing her ally under the bus?

Liz Truss’s No10? It’s just like F1… no one knows what they are doing

The PM said in PMQs on Wednesday she is "absolutely" not planning public spending cuts and wanted to focus instead on how to "spend public money well".

But the Institute for Fiscal Studies warned cuts would be needed to put the country's finances on a sustainable path.

Mr Hunt also admitted today there would be tax hikes as he seeks to steady the market after a tumultuous few weeks for Ms Truss' administration.

He said: "Some taxes will go up. So it's going to be difficult. But as we take those difficult decisions, my priority, our values as a Government, will be to protect families, businesses, who are going through a very challenging time."

Most read in The Sun


I'm a mum at 45 to triplets and their grandma, thanks to my daughter


Robbie Coltrane dies aged 72 as tributes pour in for Harry Potter star

TV Set-Tos

NTAs' most scandalous moments – Love Island brawl to Jac Jossa's tears after row


Liz Truss confirms second mini budget U-turn in dramatic press conference

The Chancellor also admitted the Government had made "mistakes" following the outcry over his predecessor's mini-budget that saw the Pound plummet.

In a humiliating climbdown, Mr Kwarteng and Ms Truss were forced to scrap the 45p tax rate after the country was plunged into fresh financial turmoil.

Mr Hunt said: "There were mistakes. It was a mistake when we're going to be asking for difficult decisions across the board on tax and spending to cut the rate of tax paid by the very wealthiest.

"It was a mistake to fly blind and to do these forecasts without giving people the confidence of the Office of Budget Responsibility saying that the sums add up.

"The Prime Minister's recognised that, that's why I'm here."

Read More on The Sun

People are just realising what the Vans logo looks like and their minds are blown

Aldi shoppers praise £35 bargain cosy fleece duvet set ‘ideal’ for winter

Ms Truss brutally axed Mr Kwarteng yesterday after just 38 days in the job – making him the second shortest serving Chancellor in history.

The Under-fire PM is now battling to keep her job following the biggest political meltdown for 300 years.

Source: Read Full Article