According to the next chancellor, difficult decisions would be required “across the board” about taxes and expenditures.
Jeremy Hunt told that certain taxes will increase, while government spending may have to decrease.
According to him, Kwasi Kwarteng made two errors in his mini-budget: reducing the maximum tax rate and announcing it without an independent projection.
However, he also lauded his predecessor for the assistance provided to individuals struggling to pay their energy bills.
Mr. Hunt stated that he agreed with the prime minister’s objective of “solving the growth paradox,” but added, “The way we went about it was wrong, which is why I’m sitting here now.
Mr. Hunt said: “Taxes are not going to come down by as much as many hoped, and some taxes will have to go up.
I will be requesting that all government agencies discover more efficiencies.
However, Mr. Hunt, who was appointed chancellor on Friday following the dismissal of Kwasi Kwarteng by the prime minister, refused to provide specifics of his tax and spending plans.
He stated that he would not make any promises and that he had only been on the job for a few hours.
His remarks follow the government’s mini-budget last month, which included tax cuts of £45 billion and shook the financial markets.
Mr. Hunt stated, about the ex-blunders, chancellor’s “There were two blunders – it was wrong to lower the top rate of tax for the very richest earnings at a time when we will have to ask everyone to make sacrifices to get through a very tough moment.
And it was improper to publicize these plans without the Office for Budget Responsibility’s (OBR) discipline confirming to the public that we can truly afford to pay for them.
He stated that each of these was currently “being rectified.”
Mr. Hunt said that he will meet with Treasury officials and Liz Truss on Sunday.
After only 39 days as prime minister, Ms. Truss is under immense pressure from within her party, as crucial components of the ambitious economic plan, she and the former chancellor outlined in September have been canceled.
After declaring the government’s second U-turn in a month, the prime leader faces a backlash from Conservative lawmakers.
The reversal of proposals to reduce company tax on Friday follows an earlier reversal of plans to reduce the 45p income tax rate for the top incomes.
Christopher Chope, a supporter of Truss, stated that “time will tell” if she has done enough to secure her position after a Tory MP described the party as in a “state of despair.”
When asked whether a general election should be held, Mr. Hunt told the BBC, “What the public wants now is stability.”
“[Truss] has held the position of prime minister for less than five weeks. When we are judged at a general election, what we accomplish in the next 18 months will matter considerably more than what occurred in the last 18 weeks.”
In a brief press conference on Friday, the prime minister acknowledged that “elements of our mini-budget went deeper and faster” than anticipated by the financial markets.
