UK's new finance minister admits taxes to rise as PM reels

Liz Truss appointed the Tory centrist Jeremy Hunt as finance ministerLONDON - Britain's new finance minister Saturday warned of looming tax hikes as he admitted to"mistakes" made in a disastrous budget that still threatens to bring down Prime Minister Liz Truss.

New chancellor Jeremy Hunt indicated he would be tearing up the strategy that brought Truss to 10 Downing Street.He said Kwarteng and Truss had erred in trying to cut taxes for the highest earners, and in presenting their budget without independent forecasts from the Office for Budget Responsibility.In one of his first acts on taking office late Friday, the new minister spoke to Bank of England governor Andrew Bailey, who has had to stage costly interventions to calm febrile bond markets.

At a subsequent Downing Street news conference, her first since succeeding Johnson, the prime minister gave a widely panned performance which did nothing to calm market nerves.She insisted she had acted"decisively" in firing Kwarteng to bring about"economic stability" -- but the pound resumed its slide on currency markets and UK bond markets wobbled anew.

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