UK's new finance minister admits 'mistakes', warns of tax hikes | The Guardian Nigeria News - Nigeria and World News

Britain'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.

Britain’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. “We will have some very difficult decisions ahead,” Hunt told Sky News, warning that “all government departments” face spending restraint.Tax cuts were the centrepiece of the budget announced by Hunt’s predecessor Kwasi Kwarteng on September 23. But they were financed through billions in more borrowing, causing panic on financial markets which has fed into higher costs for British households.

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