15 Oct 2022

New chancellor Jeremy Hunt warns of tax rises and cuts to public spending

On his first full day in office, Chancellor Jeremy Hunt has admitted that “mistakes were made” in the government’s economic strategy. as he warned of “difficult decisions” to come, including some tax rises and cuts in public spending.

The Bank of England governor also warned that “inflationary pressures” mean there could be another hike in interest rates in the near future.