New fiscal approach by new UK finance minister Jeremy Hunt

UK chancellor of the exchequer Jeremy Hunt. Picture: BLOOMBERG.

Three days since taking over the treasury, Hunt will make a statement on Monday morning on measures to “support fiscal sustainability,” his office said in a statement and on Twitter. He will then speak to the House of Commons in the afternoon. The new chancellor spent the weekend outlining a radically different fiscal approach from Truss’s plan, saying taxes would have to rise and spending would have to be cut. That was part of a bid to prevent further punishing increases in UK government borrowing costs.

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