Investors have sold British government bonds heavily since Sept. 23 when Hunt’s predecessor as finance minister, Kwasi Kwarteng, announced a string of unfunded tax cuts.
Truss – who won the leadership of the Conservative Party barely a month ago after promising to slash taxes – fired Kwarteng on Friday and has ditched key parts of the programme they agreed together. But Hunt has said he will go further including increases in taxes as well as a tighter control on public spending.
Asked whether he thought financial markets would have confidence in his plans, Hunt told the BBC: “Well, I think, you know, for people trading the markets, actions speak louder than words.” A first test will come on Monday morning when trading in Britain’s battered government bonds resumes without the support of the Bank of England’s emergency bond-buying programme which expired on Friday.
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Jeremy Hunt replaces Kwesi Kwarteng as Britain's finance ministerFormer foreign minister Jeremy Hunt has been appointed Britain's finance minister, Prime Minister Liz Truss's office said on Friday, following Kwasi Kwarteng's resignation from the post after less than six weeks in the job. Frying pan into the fire. Jeremy Hunt ! 😂😂😂😂 Might as well tell that crook Malami to be chancellor
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UK: Jeremy Hunt replaces Kwasi Kwarteng as finance ministerPrime Minister Liz Truss has said Kwarteng had 'put the national interest first' by agreeing to her demand that he step aside less than six weeks into the job.
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UK's new finance minister admits 'mistakes', warns of tax hikesBritain’s new finance minister warned Saturday of tax hikes to come as he admitted to “mistakes” made by his short-lived predecessor in a disastrous budget.
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UK's new finance minister admits 'mistakes', warns of tax hikes | The Guardian Nigeria News - Nigeria and World NewsBritain's new finance minister warned Saturday of tax hikes to come as he admitted to 'mistakes' made by his short-lived predecessor in a disastrous budget.
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