Jeremy Hunt said that Liz Truss’s mini-budget went “too far, too fast” as the new Chancellor effectively signalled the demise of the Prime Minister’s economic vision. Political and economic circles spent Saturday sizing up Mr Hunt after he used a series of broadcast interviews in the morning to suggest Ms Truss’s immediate economic plan is now largely defunct.
With all eyes on whether he can restore the UK’s financial credibility, Mr Hunt suggested tax rises could form part of a painful fiscal package designed to restore market confidence in the UK. The Chancellor, in a statement on Saturday evening, said that his vision would be “growth underpinned by stability”.
Promising “clear and robust plans”, he said: “We have to be honest with people and we are going to have to take some very difficult decisions both on spending and on tax to get debt falling, but at the top of our minds when making these decisions will be how to protect and help struggling families, businesses and people.”
