Britain's new Chancellor of the Exchequer, Jeremy Hunt, admitted that the government had made several “mistakes” in managing tax reform, which Prime Minister Liz Truss had to correct on two occasions, costing her dearly. Her position goes to former economic chief, Kwai Kwarteng.
Hunt, who took up his duties on Friday to replace Kwarteng, admitted on Saturday in interviews with the BBC and Sky News that “there were two mistakes”. He believes that the executive authority “made a mistake” in this Reducing the income tax on large wealth from 45 to 40%. And also by announcing these plans without prior approval from the Office for Budget Responsibility.
The collapse of the markets and the pound prompted Truss to initially cancel the tax cut on annual income exceeding 150,000 pounds, and then on Friday to… Keep increasing corporate taxes – From 19 to 25% – as agreed upon by the previous government led by Boris Johnson.
“Taxes are not going to go down as much as people expected, and some taxes are going to have to go up,” Hunt admitted, just a day after Truss publicly recalled running in the last Conservative primary. A clear commitment to “financial discipline” Which considered, among other things, reducing taxes.
Hunt, who wants to be “completely honest with the country”, admitted there were still cases “Very difficult decisions” ahead.
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