Chancellor warns UK faces tough choices on spending and taxation

by | Oct 16, 2022

Share this article

The new Chancellor has warned that the country faces difficult choices when it comes to tax and spending policies.
In an interview with Sky News, Jeremy Hunt said that spending would not rise as much as some had wanted and that it would be necessary to find more “efficiencies”.

Separately, in remarks to BBC Radio, Hunt said that he agreed with the Prime Minister’s emphasis on growth, but not on how she and his predecessor had gone about it.

“The thing that people want, the markets want, the country needs now is stability,” he said.

“No chancellor can control the markets. But what I can do is show that we can pay for our tax and spending plans.”

Hunt did however reportedly deny that a return to the fiscal austerity of the early 2010s was planned.

He also chose not to commit to the PM’s commitment to boost defence spending to the equivalent of 3% of gross domestic product.

The Chancellor was scheduled to meet with his team on Saturday and with the PM on Sunday.

Share this article

Related articles

UK inflation hits 40-year high of 10.1%

UK inflation hits 40-year high of 10.1%

Higher food prices helped push up inflation in September, official data showed on Wednesday, to a record 10.1%. According to the Office for National Statistics, the consumer price index rose by 10.1% in the 12 months to September, compared to August's rate of 9.9%....

Reports of delay to bond sale ‘inaccurate’ – BoE

Reports of delay to bond sale ‘inaccurate’ – BoE

The Bank of England appeared to deny reports on Tuesday that it wanted to delay selling billions of pounds of government bonds. The central bank acquired £838bn of gilts during its quantitative easing programme. It had intended to start selling them on 6 October, but...

Trending articles