Hunt hints tax rises and cuts are coming
JEREMY Hunt yesterday suggested cuts to public spending and tax rises are on the way as he took over as Britain’s new Chancellor.
He said: “Spending will not rise by as much as people would like and all Government departments are going to have to find more efficiencies than they were planning to.
“And some taxes will not be cut as quickly as people want.
“Some taxes will go up. So it’s going to be difficult.”
In a series of TV interviews, Mr Hunt also signalled his plan to up-end PM Liz Truss’ entire economic strategy – and wasted no time in criticising her mini-budget.
He told Sky News: “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.”
Mr Hunt also suggested the PM had effectively relinquished control of public finances over to him.
He told BBC Radio 4’s Today programme he now has a “clean slate” on the mini-budget as he prepares to deliver a fiscal statement on October 31.
But he appeared to rule out an early election by insisting voters would be able to “judge” Ms Truss at the ballot box in 18 months.
Former Health and Foreign Secretary Mr Hunt, 55, thought his political future was behind him when he was knocked out in the first round of the Tory leadership contest. It was his second tilt at the top job after being trounced by Boris Johnson in 2019.
But his surprise choice to replace sacked Kwasi Kwarteng has restored his hopes that he might one day sit in No10.
He got the Treasury job after Ms Truss discussed with aides bringing back one of two former Chancellors – Nadhim Zahawi or Sajid Javid. It is not known whether they turned down the job or were rejected when it came to the final cut.