Chancellor of the Exchequer Jeremy Hunt said nothing is “off the table” when asked if he will abandon more of Prime Minister Liz Truss’ tax cut plans, confirming that his is now the leading government voice on U.K. fiscal policy.
Hunt declined to rule out delaying by a year the prime minister’s plan to cut the basic rate of income tax, a move that would amount to another U-turn on a key plank of Truss’ “mini-budget.” A delay could save 5 billion pounds ($6 billion), according to a report in the Sunday Times.
On Friday, having already reversed two planned tax cuts, Truss requested that the newly appointed Hunt stick to the remaining measures in her fiscal plan. By Saturday, Hunt made clear that calming the markets is his priority; on Sunday he refused to rule out abandoning another of Truss’ key policies. Truss and Hunt were to meet Sunday at Chequers, the prime minister’s country residence in Buckinghamshire.
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