https://apnews.com/article/business-liz-truss-government-and-politics-9e0dae3468c8863a550aa731c0d870c7 Click to copy RELATED TOPICS Business World News Liz Truss Government and politics New UK Treasury chief: Mistakes were made, tax rises coming

LONDON (AP) — 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.

Truss on Friday fired Kwarteng and ditched her pledge to scrap a planned increase in corporation tax as she sought to hang on to her job — after just six weeks in office.

Truss, a free-market libertarian, had previously insisted that her tax-cutting plans were what Britain needs to boost economic growth. But a “mini-budget” that she and Kwarteng unveiled three weeks ago, which promised 45 billion pounds ($50 billion) in tax cuts without explaining how the government would pay for them, sent the markets and the British pound tumbling and left her credibility in tatters.

Truss, the PM, will have a shorter shelf life than Boris The Buffoon Johnson.

3 posted on 10/15/2022 3:56:33 AM PDT by tennmountainman ( Less Lindell CONS, More AZ Style Audits)

tax cuts without explaining how the government would pay for them,

A statement made by people who think all wealth is owned by the government and then the people are allowed to have a share of it. Of course, the simple answer is that the government must CUT SPENDING to match the tax cut.

Truss, a free-market libertarian

Nope, she's a sock puppet globalist, who hasn't had an original idea in her life. The Peter principle was instrumental in her rising up the political latter and her incompetence is responsible for her fall.

6 posted on 03/20/2023 7:51:00 PM PDT by SunkenCiv (Imagine an imaginary menagerie manager imagining managing an imaginary menagerie.)

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.