Jeremy Hunt, the new UK Finance minister, presented the first part of his tax plans on Monday. Meanwhile, the position of prime minister Liz Truss has come under considerable pressure after the disastrous start of her term.
Hunt was appointed last Friday as successor to the dismissed Kwasi Kwarteng. He had to leave the field after just over a month, because his plans to stimulate the economy turned out to be a total failure.
In recent weeks, the British economy has been in a sharp decline. The value of the pound plummeted and more and more people got into financial difficulties.
Hunt was already trying to regain the confidence of the financial markets last weekend. Thus, he stressed that there is enough income to cover the spending of the British government. The value of the British pound rose slightly on Monday morning due to increased confidence among investors. According to experts, this is the result of Hunt’s statements.
On Monday, he said it was” not right ” for the British government to borrow extra money to pay for the tax plans. He announced the reversal of almost all tax measures of his predecessor Quarteng. Hunt will announce his full plans on October 31.