Hunt Warns UK Faces Tax Rises in Clear Sign Trussonomics Is Over
- New Chancellor of the Exchequer signals some cuts also needed
- Hunt preparing to make a medium-term fiscal statement on Oct. 31
Chancellor of the Exchequer Jeremy Hunt said the UK faces tough choices on tax and spending, as he seeks to calm financial markets with a marked change of economic direction following weeks of chaos triggered by his predecessor and Prime Minister Liz Truss.
“Spending will not go up as much as people want and there’ll be more efficiencies to find,” Hunt said Saturday in a Sky News interview. “We won’t have the speed of tax cuts we’re hoping for and some taxes will have to go up — that’s the reality of the very challenging situation we face.”
Source: Bloomberg Tax https://news.bloombergtax.com/daily-tax-report/hunt-warns-uk-faces-tax-rises-in-clear-sign-trussonomics-is-over