The UK Prime Minister has twice had to correct tax reform that cost the post of the previous economic leader, Kwai Kwarteng.
The new British Chancellor of the Exchequer, Jeremy Hunthas admitted that the government has committed several “mistakes” in tax reform management that the Prime Minister, Liz Truss, had to correct twice and that cost the previous economic manager, Kwai Kwarteng, his job.
Hunt, who replaced Kwarteng on Friday, admitted in interviews with the BBC and Sky News on Saturday that “two mistakes had been made”. He believes the Executive was “wrong” to cut income taxes for large fortunes from 45 to 40% and also to announce these plans without the prior approval of the Office of Budget Responsibility.
The slump in the markets and the pound prompted Truss to initially withdraw the tax cut for annual incomes of more than £150,000 and to maintain Friday the corporate tax increase (from 19 to 25%) as agreed by the previous government, led by Boris Johnson.
“Taxes won’t fall as much as people expected and some taxes will have to rise,” Hunt admitted, just a day after Truss publicly recalled running the last Conservative primaries with a clear commitment to “tax discipline” that included considering tax cuts.
Hunt, who wants to be “completely honest with the country”, has admitted that “very difficult decisions” lie ahead.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
