Chancellor warns UK faces tough choices on spending and taxation
By Alexander Bueso
Date: Saturday 15 Oct 2022
(Sharecast News) - The new Chancellor has warned that the country faces difficult choices when it comes to tax and spending policies.
In an interview with Sky News, Jeremy Hunt said that spending would not rise as much as some had wanted and that it would be necessary to find more "efficiencies".
Separately, in remarks to BBC Radio, Hunt said that he agreed with the Prime Minister's emphasis on growth, but not on how she and his predecessor had gone about it.
"The thing that people want, the markets want, the country needs now is stability," he said.
"No chancellor can control the markets. But what I can do is show that we can pay for our tax and spending plans."
Hunt did however reportedly deny that a return to the fiscal austerity of the early 2010s was planned.
He also chose not to commit to the PM's commitment to boost defence spending to the equivalent of 3% of gross domestic product.
The Chancellor was scheduled to meet with his team on Saturday and with the PM on Sunday.
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