The U.K.\u0027s new Treasury chief ripped up the government\u0027s economic plan on Monday, reversing most of the tax cuts and spending plans.
In a televised address, Chancellor of the Exchequer Jeremy Hunt said he was scrapping “almost all” of Truss’ tax cuts, along with her flagship energy policy and her promise — repeated just last week — that there will be no public spending cuts.From our newsroom to your inbox at noon, the latest headlines, stories, opinion and photos from the Toronto Sun.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“But at a time when markets are rightly demanding commitments to sustainable public finances, it is not right to borrow to fund this tax cut,” he declared. On Monday, Hunt went further. He scaled back a cap on energy prices designed to help households pay their bills. It will now be reviewed in April rather than lasting two years — sweeping away one of Truss’ signature plans.tap here to see other videos from our teamHunt’s moves seek to restore the Conservative government’s credibility for sound fiscal policy after Truss and Kwarteng rushed out a plan for tax cuts without detailing how they would pay for them.
Yields on 10-year government bonds, an indicator of government borrowing costs, fell to 3.947% from 4.327% on Friday. It was 3.495% on Sept. 22. Bond yields tend to rise as the risk of a borrower defaulting increases and fall as that risk declines.Article content The financial fiasco has turned Truss into a lame-duck prime minister, and Conservative lawmakers are agonizing about whether to try to oust her. She took office just six weeks ago after winning a party election to replace Prime Minister Boris Johnson, who was forced out in July after serial ethics scandals ensnared his administration.
Many Conservatives believe their only hope is to replace Truss — if the party can agree on a replacement.
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U.K. leader Truss in peril after Treasury chief axes 'Trussonomics'The U.K.\u0027s new Treasury chief ripped up the government\u0027s economic plan on Monday, reversing most of the tax cuts and spending plans.
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U.K. leader in peril after Treasury chief axes 'Trussonomics'The U.K.'s new Treasury chief ripped up the government's economic plan on Monday, dramatically reversing most of the tax cuts and spending plans that new Prime Minister Liz Truss announced less than a month ago. The move raises more questions about how long the beleaguered British leader can stay in office.
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