New UK finance minister warns some taxes will rise as tough decisions loom

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New UK finance minister warns some taxes will rise as difficult decisions loom

With financial markets in turmoil, Prime Minister Liz Truss fired Kwasi Kwarteng as finance minister and scrapped parts of their controversial economic package on Friday in a bid for political survival less than 40 days into her premiership.Register now for FREE unlimited access to Reuters.comAlthough big, unfunded tax cuts were a central plank of Truss's original plans, Hunt said tax increases were on the cards.

"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. Hunt said he agreed with Truss's fundamental approach of seeking to spark economic growth but the way she and Kwarteng went about it had not worked.

 

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government confusion from tax cuts to tax increase 🤔

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