Image: Reuters
She has now ditched plans to cut tax for high earners, and said a levy on business would increase, abandoning her proposal to keep it at current levels. But a slump in bond prices after her news conference on Friday suggested she had not gone far enough. Hunt is due to announce the government’s medium-term budget plans on October 31, in what will be a key test of its ability to show it can restore its economic policy credibility.
Kwarteng’s September 23 fiscal statement prompted a backlash in financial markets that was so ferocious the BoE had to intervene to prevent pension funds being caught up in the chaos as borrowing costs surged.Hunt, an experienced minister and viewed by many in his party as a safe pair of hands, said he agreed with Truss’s fundamental strategy of kickstarting economic growth, but he added that their approach had not worked.
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Jeremy Hunt replaces Kwasi 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.
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