17/10/2022 08:50
Britain's new finance minister Jeremy Hunt said on Saturday that some taxes will have to go up, signalling another abrupt policy U-turn by Prime Minister Liz Truss who is battling to save her leadership just over a month into her term.
In an attempt to appease financial markets that have been in turmoil for three weeks, Truss fired Kwasi Kwarteng as her chancellor of the exchequer on Friday and scrapped parts of their controversial economic package.
In a hurried news conference shortly after dismissing Kwarteng, Truss said the corporation tax rate would increase, abandoning her plan to keep it at current levels, and government spending would rise by less than previously planned.
Big, unfunded tax cuts were a central plank of Truss's original plans, but Hunt said tax increases were on the cards.
"We will have some very difficult decisions ahead," he told Sky News.
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