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Jeremy Hunt, the new UK Chancellor appointed by Prime Minister Liz Truss after she sacked her friend Kwasi Kwarteng in an attempt to calm the ongoing economic and political crisis, admitted on Saturday that mistakes were made by his predecessor and signalled a reversal of his tax-cutting approach.
Hunt, a former Conservative Party leadership contender 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, an announcement since reversed, and announcing the tax-cutting package without independent costings by the Office for Budget Responsibility (OBR).
„The way we went about it clearly wasn’t right and that’s why I’m sitting here now,“ he told the BBC.
„Taxes are not going to come down by as much as people hoped, and some taxes will have to go up.
