“I’m afraid we’ll all pay a little more in taxes, but it won’t just be bad news. I think what people recognize is that if you want to give people confidence about the future, you have to be honest about the present. And you have to have a plan,” Hunt told Sky News.
“This will be a plan to help bring down inflation, help control high energy prices and also get growth back, which is what we so badly need,” he added.
The minister, who replaced Kwasi Kwarteng at the head of the Economy portfolio on October 14, stressed that the Government will have to make “very difficult decisions”, but stressed that the country is “resilient” and has faced “much bigger challenges, frankly, in our history.”
“The plan that I will present in the House of Commons on Thursday will be one that gets us through these difficult times,” he added.
Upon taking office, Hunt reversed former Prime Minister Liz Truss’ economic plan, including tax cuts, after that program caused turbulence in financial markets.
The accumulated debt of the United Kingdom stood at 2.45 trillion pounds (2.80 trillion euros) at the end of last September, which is equivalent to 98% of gross domestic product (GDP).
ten days ago andhe Bank of England announced an interest rate hike of 0.75 percentage points to 3%, the highest level since 2008, to help curb inflation.
According to the bank, the UK may be on track to enter a recession, which may be prolonged, although it expects inflation to drop significantly from mid-2023.
According to the bank’s calculations, inflation could hit 11% by the end of this year, while UK unemployment could be as low as 6.4% by the end of 2025, up from 3.5% today.
Source: Ambito
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