New chancellor Jeremy Hunt has warned that taxes will rise as he gets a 'clean slate' on the disastrous mini-budget that triggered weeks of market turmoil.
Liz Truss sacked former chancellor Kwasi Kwarteng on Friday, later telling a brief press conference in Downing Street that the government would now be delivering its high-growth mission "in a different way". The prime minister also confirmed another u-turn on the proposals in the September mini-budget, backtracking on a previous pledge to scrap the planned rise in corporation tax.
Mr Hunt, who has held several Cabinet positions in the past and supported Rishi Sunak in the leadership contest after his own bid failed to get past the first vote, has been brought into Number 11 to head up the new approach. In his first round of broadcast interviews on Saturday morning, he admitted that Liz Truss' administration had made mistakes with their plans for the economy.
