UK Treasury Secretary Hunt says he will restore confidence in financial markets

Prime Minister Truss still faces strong political pressures Government must account for every penny New finmin promises to make “hard decisions” on spending, taxLONDON, October 16 (Reuters) – New Treasury Secretary Jeremy Hunt says UK promised to restore the economic credit of The prime minister appointed Hunt on Friday, arguing that the government’s tax and spending plan should keep his boss Liz Truss in charge of the country. And newspapers in international financial markets.Sunday were full of her stories about her plans to replace her. Register now. Free, Unlimited Access to Reuters.com Register Now. RegisterInvestors has sold a lot of UK Treasury bonds since September 23, when Hunt’s predecessor Kwasi Kwarteng announced a series of outstanding taxes. He made cuts without releasing a set of independent economic forecasts. England’s emergency intervention has put pressure on British finances by protecting pension funds and increasing mortgage costs. “My job is to show the market, the world and people who actually watch from home, we plan on taxes and spending. can adequately account for every penny of Hunt told BBC Television in a televised interview on Sunday. The first test for Hunt and Truss comes Monday morning when trading resumes in the bond market that has collapsed without support. The UK economy is in danger of a recession while the UK central bank is raising interest rates to control soaring inflation. Bank Governor Andrew Bailey said on Saturday he thought a big rate hike would be necessary in early November. Truss, who became Conservative leader after promising to cut taxes 41 days ago, fired Quarteng on Friday and abandoned a key part of the program. Agreed together. The confusion has fueled dissatisfaction with the ruling party. Already split before Friday and far behind the opposition Labor Party in opinion polls. On Sunday, three Conservative MPs called for her resignation.” The government has undermined Britain’s economic credibility and has irreparably divided our party. Enough,” MP Jamie Wallis wrote on Twitter. , and his colleague, Conservative party Crispin Blunt, spoke of Channel 4’s “The Andrew Neil Show.” Truss “The game is over, it’s just a matter of how you manage succession.” Members of the committee organizing the leadership contest said the rules protecting Truss from official challenge for 12 months could be changed if the “overwhelming majority” of Conservative lawmakers wanted it. -Brown, Commission Treasurer in 1922 told Sky News. US President Joe Biden also criticized Truss’s original economic plan as a mistake. The Hard Decision After effectively dismantling Truss’s gamble that tax cuts would boost economic growth and pay public spending, Hunt said, he said. He will go further, including tighter spending controls and some tax increases. “I will ask all government departments to look for more efficiency savings,” he added. He didn’t rule out anything from his efforts to balance the ledger. He will explain the details in his financial report on October 31st. The Sunday Times says the Office of Budget Office’s initial forecast is 72 billion pounds ($80 billion) short of current plans. The newspaper also said Hunt would delay a planned base income tax rate cut, but the Treasury Department declined to comment on the report. When asked if the market trusts his plan, Hunt told the BBC: “Well, you know, actions speak louder than words to those who trade the market.” Former Bank of England deputy governor Charlie Bean told Skye that the incident had taken a toll on Britain’s credit. Or presenting Germany as a loan offer, making it look like Italy and Greece.” ‘The PM IS IN CHARGE’ The Truss must deal with a rebellion within the party while Hunt tries to evade pressure from financial markets, citing unnamed sources. A report is crammed in. The Sunday Mirror is another possibility for Rishi Sunak, after the Truss lost last month in a leadership contest voted for Conservative lawmakers with Defense Secretary Ben Wallace as the preferred replacement for senior lawmakers. Truss is Sun’s successor on Sunday. At Sun in the Sun, Truss admitted that her plans were “going more and more faster than the market expected.” You cannot pave the way to a low-tax, high-growth economy without maintaining market confidence in the promise.” He treated the whole country as a lab rat for conducting super-free market experiments. He told Skye that her resignation now “I’m not asking, but he said the situation should be improved.” Hunt said he was running the government effectively right now, considering the radical policy changes he made. “The prime minister is in charge,” he said. I changed the way. She hasn’t changed her destination, and that’s what makes her country grow.” ($1 = £0.8953) Register now and register for free and unlimited access to Reuters.com Reports by William James and William Schombberg; Louise Heavens, Alexandra Hudson and John Stonestreet Editorial Our Standard: The Thomson Reuters Trust Principle.
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