The new Conservative Prime Minister, Rishi Sunak, and his Finance Minister, Jeremy Hunt“have agreed on the date of November 17” to present these long-awaited measures, after the fiasco caused at the end of September by the previous economic plan of the then Prime Minister Liz Truss.
Sunak, a 42-year-old billionaire ex-banker, the son of Indian immigrants, was appointed by the king on Tuesday Charles III head of government to replace Truss.
The leader, sworn in on September 6, was forced to resign last week, under pressure from the markets and her own Conservative Partydue to the financial chaos he caused with his controversial policies of tax cuts Y public aid without financing in times of high inflation.
In the first appearance after his appointment on Tuesday, Sunak, defender of the parliamentary orthodoxypromised to return “economic stability and confidence”, but warned that for this “it will be necessary to make tough decisions“, making imminent fear budget cuts and tax increases.
In an attempt to calm market concerns, the former finance minister, the ultra-liberal Kwasi Kwarteng, had agreed to advance to October 31 the presentation of a budget initially scheduled for November 25. However, he ended up being fired and replaced by Hunt two weeks ago.
The appointments of Hunt and Sunak calmed the volatility in the financial markets, so the new executive defended that it is no longer so urgent to present his budget and said he would prefer to give himself more time to prepare it.
Source: Ambito
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