New treasury secretary warns of tough decision as Britain’s Truss fights for her job

Prime Minister Truss sacked Treasury secretary on Friday and Hunt warns that he will make a tough decision. The ruling Conservative party has plunged in polls. Some Conservative MPs say Truss will be ousted LONDON, October 15 (Reuters) – Jeremy UK’s new Treasury Secretary Hunt says some tax hikes and spending decisions will be difficult on Saturday There was a signal that part of the package would be scrapped. Read more Opinion evaluations have shown that the ruling Conservatives and Prime Minister personally, and many lawmakers, are asking how, rather than whether they should get rid of Truss. A few days after her inauguration, register now for unrestricted access to Reuters.com “You’re going to have to make some very difficult decisions,” Hunt said, visiting TV and radio studios to give an honest assessment of the situation facing the country. and said. Kwarteng made a mistake. “What people want, what the market wants, what the country wants now is stability,” Hunt said. “No prime minister can control the market. But what I can do is show that we can pay for our taxes and spending plans, and it will require very difficult decisions about both spending and taxes.” Truss won her leadership race to replace Boris. Johnson announced massive tax cuts to boost growth that Kwarteng formally announced last month. However, the market has plunged into recession as there are no details on how the cuts will be financed. She said she now plans to cut taxes on high-income earners, and she said she would abandon her proposal to keep the current level and increase the burden on the business. However, it is not clear whether this has gone far enough to satisfy investors. Read more Hunt will release the government’s medium-term budget plan on October 31, which will be a key test of its ability to restore credibility to economic policy. He said further changes to Truss’ plan are possible. “Confidence in public finances, how to pay every penny you get from taxes, and how you decide to spend are very, very important ways I can offer you to create certainty and stability.” It helps,” he said. He warned that spending won’t rise as much as people want and that every government department will have to find more efficiencies than planned. Some taxes aren’t going to go down anytime soon. Taxes will go up a bit, as people want. So it will be difficult,” he said. He added that he would meet with Treasury officials on Saturday to discuss the plan before meeting Truss on Sunday to review the plan. 23 The financial report sparked a backlash from the financial markets, the Bank of England (BoE) had to intervene to keep pension funds from falling into chaos as borrowing costs skyrocketed. While agreeing with Truss’ basic strategy to launch economic growth, their approach has not worked, he added.” There were a few mistakes during that time. So I’m sitting here. It was a mistake to cut the top tax rate at a time when everyone was asking for a sacrifice,” said Hunt. “It’s a testament to the political crisis that has captured the country,” Hunt said. You have to judge the elections and her performance over the next 18 months, not the past 18. But she may not get that chance. During the leadership contest, Truss She won less than a third of the Conservative MPs and was appointed Her supporters after taking office – alienating those who support her rivals After running for leadership on her own, her main rival Rishi Sunak Hunt’s appointment, who supported the former Treasury secretary, was seen as a signal for her to reach out, but the former move did little to help place some of her party critics, one Conservative party member said after Friday’s event. The next major test, the UK Treasury market on Monday provided emergency buy support from the BoE for the first time since September 28. Gold prices plummeted late Friday after the announcement of Truss. But it’s unclear what happened to her as there is no desire for another leadership election in the party or in the country. It could be replaced. Read more “Liz Truss’ most loyal looking at this issue through the Even allies will now wonder how she can survive,” the Daily Mail tabloid, which previously provided strong support to Truss, said in an editorial. But what’s the alternative? “Free, Unlimited Access to Reuters.com Now Register now to register. Reports by Michael Holden, Alistair Smout, and William Schönberg Edited by Emelia Sithole-Matarise and Helen Popper Our Standard: The Thomson Reuters Trust Principle.
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