New UK FM warns of tax rises

Jeremy Hunt. Pic/AFP

Jeremy Hunt, the new UK Chancellor appointed by Prime Minister Liz Truss after she sacked her friend Kwasi Kwarteng, admitted on Saturday that mistakes were made by his predecessor and signalled a reversal of his tax-cutting approach.

Hunt, who is dubbed as the most powerful man in the UK government as Truss battles to win back her credibility, also indicated that spending cuts would have to be brought in across all state departments to deal with the tough economic climate.

He acknowledged that the mini-budget tabled by Kwarteng at the end of last month had two mistakes, cutting the 45-pence rate of tax for highest earners, and announcing the tax-cutting package without independent costings by the Office for Budget Responsibility.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever