The new U.K. Treasury chief on Sunday insisted Prime Minister Liz Truss retains control of her government despite having to roll back her signature economic policies weeks into her premiership.
Jeremy Hunt was drafted in to lead the Treasury after Truss sacked Kwasi Kwarteng amid rising pressure following the turbulent market reaction to the new administration's "mini-budget."
Hunt has now said taxation will rise and public spending will shrink, despite Britain's growing cost-of-living crisis. It remains unclear if Truss, who throughout this summer's leadership campaign secured the support of a majority of Conservative Party members but not of its lawmakers, can ward off any plots to oust her.
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U.K.'s Truss drops tax cuts, axes Treasury chief amid turmoilBritish Prime Minister Liz Truss sacked her Treasury chief and reversed course on sweeping tax cuts Friday as she hangs on to her job.
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U.K.'s Truss drops tax cuts, axes Treasury chief amid turmoilEmbattled British Prime Minister Liz Truss sacked her Treasury chief and reversed course on a major part of her tax-cutting economic plan Friday as she struggled to hang on to her job after weeks of turmoil on financial markets. But the market response was muted and the political reaction to what many saw as panicked moves left Truss' credibility in tatters after only six weeks in office.
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UK’s Truss drops tax cuts, axes Treasury chief amid turmoil | National NewswatchNational Newswatch: Canada's most comprehensive site for political news and views. Make it a daily habit.
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Mistakes were made, tax rises coming, new U.K. Treasury chief saysJeremy Hunt, who was brought in Friday to replace Kwasi Kwarteng as Treasury chief and restore order in Truss’ administration, warned of “difficult decisions” to come
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New U.K. Treasury chief: Mistakes were made, tax rises comingBritain's new Treasury chief on Saturday acknowledged mistakes made by his predecessor and suggested that he may reverse much of Conservative Prime Minister Liz Truss' tax-cutting plans in order to bring stability to the country after weeks of economic and political turbulence.
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As U.K.'s Truss fights for job, new finance minister says she made mistakesBritain\u0027s new finance minister Jeremy Hunt said on Saturday some taxes would go up and tough spending decisions were needed.
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