New UK finance minister warns some taxes will rise as difficult decisions loom

Posted on October 15, 2022Comments Off on New UK finance minister warns some taxes will rise as difficult decisions loom

© Reuters. New Chancellor of the Exchequer Jeremy Hunt arrives at Downing Street in London, Britain, October 14, 2022. REUTERS/Henry Nicholls

LONDON (Reuters) – Britain’s new finance minister Jeremy Hunt said on Saturday that some taxes will go up and government spending will rise by less than previously planned as difficult decisions will have to be taken to restore Britain’s fiscal credibility.

“We will have some very difficult decisions ahead,” Hunt, appointed on Friday after Kwasi Kwarteng was sacked in the fallout of a disastrous fiscal statement last month, said.

“Spending will not rise by as much as people would like to all government departments are going to have to find more efficiencies than they were planning to. And some taxes will not be cut as quickly as people want, and some taxes will go up. So it’s going to be difficult,” he told Sky News.

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Comments Off on New UK finance minister warns some taxes will rise as difficult decisions loom