Britain’s finance minister on Sunday warned of a coming spending crisis and raised taxes on cash-strapped Britons as he bids to fill a “black hole” in the country’s finances.
Billing himself as a Scrooge figure ahead of Thursday’s Autumn Statement, when he will update Parliament on the government’s budget measures, Jeremy Hunt said he was forced to make “very important decisions” difficulties” in an effort to curb inflation and bring the economy back to normal. keel.
He told British broadcasters he was determined to make a projected recession as shallow as possible and warned that people could pay more in taxes.
“I’m a Conservative prime minister and I think I’ve made it absolutely clear that taxes are going to go up, and that’s a very difficult thing for me because I’m in politics to do the exact opposite. ,” he told the BBC, using his official title, Chancellor of the Exchequer.
Hunt is looking to save up to 60 billion pounds ($71 billion) and increase revenue to tighten public finances and repair some of the damage that economists say his predecessor, Kwasi Kwarteng and former prime minister Liz caused. truss.
According to the Resolution Foundation, a think-tank, Truss and Kwarteng blew away £20 billion due to cuts to national insurance and stamp duty, with another £10 billion lost due to higher interest rates and Government borrowing costs. government.
Hunt said he would continue his predecessor’s pledge to help Britons tackle soaring energy bills, but additional government agencies can expect cuts.
He previously told The Sunday Times in an interview “I’m Scrooge who will do the work to make sure that Christmas is never cancelled.”