U.K.'s New Treasury Chief Scraps Nearly All Government Tax Cut Plans
“It is a deeply held Conservative value—a value that I share—that people should keep more of the money that they earn,’’ Hunt said. “But at a time when markets are rightly demanding commitments to sustainable public finances, it is not right to borrow to fund this tax cut.”, who spent less than six weeks in the Treasury job. Truss and Kwarteng jointly came up with a Sept.
The unfunded tax cuts fueled investor concern about unsustainable levels of government borrowing, which pushed up government borrowing costs, raised home mortgage costs and sent the pound plummeting to an all-time low against the dollar. The Bank of England was forced to intervene to protect pension funds squeezed by volatility in the bond market.
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Jeremy Hunt is arguably now more powerful than prime minister Liz TrussPolitically, there is an argument to be made that Jeremy Hunt is now more powerful than the prime minister - and can push through unpopular policies. Looks like it was always the plan. Houllier clearly has an eye on the top job. It doesn't matter if it's her or him.
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New chancellor Jeremy Hunt warns of tax rises and cuts to public spendingOn his first full day in office, the new Chancellor Jeremy Hunt has admitted that 'mistakes were made' in the Government's economic strategy. as he warned of 'difficult decisions' to come, including some tax rises and cuts in public spending. ameliaajenne Well done Tories. You've united the UK in one way...now EVERY country in the redundant UK detests you and is desperate for a GeneralElectionNow Either way, we're aff. We've been warning you lot aboot Tories since the 1950s!! ScottishIndependence2023 ameliaajenne Hopefully 🤞 ameliaajenne Why appoint a CX with no economic qualifications or experience and how does this appt. reassure the markets? Caretaker PM perhaps.
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