Britain'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.
Jeremy 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. He said taxes could rise and public spending budgets would likely be squeezed further in the coming months.
The policies, which included cutting income tax for those on the highest incomes, were also widely criticized for being tone-deaf in the face of Britain's cost-of-living crisis. "And it was wrong to fly blind and to announce those plans without reassuring people with the discipline of the Office for Budget Responsibility that we actually can afford to pay for them," he added. "We have to show the world we have a plan that adds up financially."
Hunt, who twice ran in the Conservative Party's leadership contests, is an experienced lawmaker who previously served in top government posts including as foreign secretary.
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