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New UK finance minister vows to show markets he can fix budget

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Britain's new finance minister Jeremy Hunt said he would show investors that he will repair the country's public finances after the original economic plans of Prime Minister Liz Truss triggered a bond market rout.

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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