Hunt, who on Friday took over the replaced Kwartengacknowledged this Saturday in interviews with the BBC and Sky News that “There were two errors.” He believes that the Executive “was wrong” to reduce the income tax for large fortunes from 45 to 40 percent and also to announce these plans without the prior endorsement of the Office of Budget Responsibility.
The The collapse of the markets and the pound led Truss to initially cancel the tax reduction for annual income of more than 150,000 pounds and, on Friday, to maintain the increase in corporate tax – from 19 to 25 percent -, as agreed by the previous government, led by Boris Johnson.
“Taxes are not going to go down as much as people expected and some taxes will have to go up,” Hunt has admitted, just one day after Truss publicly recalled that he ran for the last Conservative primaries with a clear commitment to “fiscal discipline” that included, among other issues, tax cuts.
Hunt, who wants to be “completely honest with the country”, has admitted that there are “very difficult decisions” ahead.