UK's New Chancellor of the Exchequer: "Will Revoke Almost All Tax Cuts"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Min-young] Jeremy Hunt, the new UK Chancellor of the Exchequer, said on the 17th (local time) that he would reverse almost all of Prime Minister Liz Truss's tax cut plans.

In a video statement, Chancellor Hunt said he would cancel the income tax rate cuts and that the energy price cap freeze would be reviewed after April next year.

He stated that the government has a responsibility for economic stability and must provide assurance regarding the sustainability of public finances.

He also said it is not right to incur national debt for tax cuts. He mentioned that difficult decisions regarding taxes and public spending will need to be made going forward.

Appointed on the 14th, Chancellor Hunt brought forward the announcement of part of the budget by two weeks to stabilize the financial markets.

Originally, former Chancellor Kwasi Kwarteng planned to release the budget along with the independent Office for Budget Responsibility (OBR)'s medium-term fiscal outlook on October 31. The full budget and the OBR's medium-term fiscal outlook will be announced as scheduled.

This content was produced with the assistance of AI translation services.