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New UK finance minister Hunt reverses Truss' economic plan in dramatic U-turn

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Britain's Chancellor of the Exchequer Jeremy Hunt has now reversed all the policies that helped Liz Truss become Conservative Party leader and premier less than six weeks ago.

, Truss fired Kwarteng on Friday, saying she accepted her plans had gone “further and faster” than investors were expecting.

The Resolution Foundation think tank said Britain was again embarked on a “tax raising economic agenda,” with typical households set to lose around 1,000 pounds of income. “She is making the necessary difficult decisions to change our approach so we can provide the economic stability and maintain that stability of leadership which is important as well,” he said.

The fourth British prime minister in six years, Truss was only formally appointed to the role on September 6.

 

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