Britain’s new finance minister admits mistakes, warns of increasing taxes

The new UK Chancellor, Jeremy Hunt, appointed by Prime Minister Liz Truss after sacking his friend Quasi Quarteng to quell the ongoing economic and political crisis, acknowledged on Saturday that mistakes had been made by his predecessor and his decision to overturn his tax. It was indicated – the method of cutting.

Hunt, a former Conservative Party leadership contender, dubbed the most influential figure in the UK government as the truce fights to win back its credibility, also indicated that all states are ready to deal with the severe economic crisis. Expenditure has to be cut in departments.

“The way we went about it was not right, and that’s why I’m sitting here right now,” he told the BBC.

“Taxes will not come down as much as people expected, and some taxes will have to be increased. I will ask all government departments to find additional efficiency savings,” he said.

This means the unrest at the top of the UK government is not over, with disgruntled Tory rebels and Sunak loyalists protesting defensively against the new leader amid their U-turns. The fact that he fired Quarteng in just 38 days for announcing the policies in the mini-budget he campaigned for seems like an attempt to blame it entirely for the chaos of the financial markets.

Conservative MP Andrew Bridgham, who backed Sunak in the leadership race, said he believed “there will be a challenge to the truss in the next few weeks”.

Meanwhile, former Conservative leader William Hague said the Truss’s leadership was “hanging by a thread”. It is challenging to find Tory lawmakers who do not believe the days of the truce are numbered at 10 Downing Street, according to party insiders.

Truss has insisted that she remain prime minister to prop up the economy.

It came at the end of a dramatic day, beginning with Quarteng flying back early from his Washington visit and ending one of the shortest runs in history as UK Treasury chief at 11 Downing Street.

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