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HomeNewsU-turn the new UK finance minister reverses Prime Minister Truss economic strategy

U-turn the new UK finance minister reverses Prime Minister Truss economic strategy

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On Monday, new UK Finance Minister Jeremy Hunt rejected Prime Minister Liz Truss’s economic plan and reduced her massive energy subsidy, marking one of the most significant U-turns in British fiscal policy to halt a precipitous loss of market confidence.

Tasked with putting a stop to a bond market meltdown that has raged since the government unveiled massive unfunded tax cuts on September 23, Hunt has now reversed all of the policies that helped Truss become prime minister just under six weeks ago. The majority of Truss’s 45 billion pounds in unfunded tax cuts will be eliminated, and a two-year energy support package for consumers and businesses, which is anticipated to cost well over 100 billion pounds, would now only operate until April.

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Following that, the government will consider the best course of action in order to devise a focused strategy that will “cost the taxpayer substantially less than expected.” Hunt stated that the proposed tax cuts will raise 32 billion pounds ($36 billion) each year. Following the announcement, the pound rose by as much as 1.4% to a session high of $1.1332.

Truss stated that she was now establishing a new path for growth while maintaining stability. “We have taken steps to chart a new course for growth that supports and delivers for people across the UK,” she tweeted.

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