As UK's Truss fights for job, new finance minister warns of tough decisions ahead

In an attempt to appease financial markets that have been in turmoil for three weeks, Truss fired Kwasi Kwarteng as her chancellor of the exchequer on Friday and scrapped parts of their controversial economic package.With opinion poll ratings dire for both the ruling Conservative Party and the prime minister personally, and many of her own lawmakers asking, not if, but how Truss should be removed, she has turned to Hunt to help salvage her premiership less than 40 days after taking office.

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 it is not clear if that has gone far enough to satisfy investors.Hunt is due to announce the government's medium-term budget plans on Oct. 31, in what will be a key test of its ability to show it can restore its economic policy credibility. He said further changes to Truss's plans were possible.

"Some taxes will not be cut as quickly as people want, and some taxes will go up. So it's going to be difficult," he said, adding that he would sit down with Treasury officials on Saturday before meeting Truss on Sunday to go through the plans.Kwarteng's Sept. 23 fiscal statement prompted a backlash in financial markets that was so ferocious the Bank of England had to intervene to prevent pension funds being caught up in the chaos as borrowing costs surged.

It was also a mistake, Hunt said, to "fly blind" and produce the tax plans without allowing the independent fiscal watchdog, the Office for Budget Responsibility, to check the figures. However, she might not get that chance. During the leadership contest, Truss won support from less than a third of Conservative lawmakers and has appointed her backers since taking office - alienating those who support her rivals.

Tough decisions, but decisions you can reverse if need be…

Tough decisions. Tough for everyone else he means.

This Whole Tory party has descended into a total CHAOTIC AMATEURISH FARCE. As soon as it was obvious that working (wo) man were going to get a little help, the stock market & Elites kicked off & throwing their Teddies & Dummies every which way

Meet new PM

Tough decision for Tories…..call a General Election

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jeremy Hunt replaces 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. isn't his name cockney for 'cunt'? He should choose his successor too. Looks like a 60 days guy. Six weeks is too less a time to judge performance. Brexit seems to be playing truant.
Source: Reuters - 🏆 2. / 97 Read more »

Jeremy Hunt could become next UK finance minister - TimesFormer British foreign minister Jeremy Hunt will succeed Kwasi Kwarteng as the new finance minister, a reporter for the Times said on Friday, following media reports that Kwarteng has been sacked. Just a quick reminder of who our new Chancellor really is. 👇 A lockdown fetishist who admires China's Covid madness. Unsurprising, given his wife's a Chinese spy. Wow, worse is yet to come Do we get a choice on which biblical plague will follow him? This guy rides the white horse doesn't he?
Source: Reuters - 🏆 2. / 97 Read more »

Jeremy Hunt appointed as Britain's new finance minister – TimesFormer British foreign minister Jeremy Hunt has been appointed as the new finance minister by Prime Minister Liz Truss, Times Political Editor Steven
Source: FXStreetNews - 🏆 14. / 72 Read more »