POLL: Do you think UK economy is safe in Jeremy Hunts hands?

Jeremy Hunt says that some taxes ‘will have to go up’

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Chancellor Jeremy Hunt is due to give an emergency statement on the mini-budget today, in an effort to stabilise financial markets. Mr Hunt took over as Chancellor following Prime Minister Liz Truss’ decision to sack Kwasi Kwarteng from the role in an apparent attempt to stabilise her premiership. But do you think the UK economy is safe in the new Chancellor’s hands? Vote in our poll.

Ms Truss said Mr Hunt “shared her vision” of a “high growth, low tax” society”, yet his first task will be to restore the market’s faith in the Government to stabilise the pound.

Mr Hunt is due to speak in the House of Commons on Monday afternoon and is expected to announce more policy reversals on Mr Kwarteng’s mini-budget.

The Treasury said that Mr Hunt would be “bringing forward measures from the medium-term fiscal plan that will support fiscal sustainability”. The statement added that the rest of the financial measures will be shared as scheduled on October 31.

It added: “This follows the Prime Minister’s statement on Friday, and further conversations between the Prime Minister and the Chancellor over the weekend, to ensure sustainable public finances underpin economic growth.”

Mr Hunt told the BBC on Sunday that “nothing was off the table” when looking at tax and spending issues. He told Laura Kuenssberg: “We are going to have to take some very difficult decisions, both on spending and on tax. 

“Spending is not going to increase by as much as people hoped and indeed we’re going have to ask all Government departments to find more efficiencies than they had planned. Taxes are not going to go down as quickly as people thought, and some taxes are going to go up.”

Following the news of Mr Hunt’s statement – due around 11am – the pound rose 0.7 percent to trade above $1.12.

Shadow Treasury chief secretary Pat McFadden said the decision to make an emergency fiscal statement showed that “ministers are now terrified of market reaction”.

He told BBC Radio 4’s Today programme: “I think it is evidence of the panic that the Government is in and the damage that has been caused over the last few weeks.”

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Mr Hunt was elected in 2005 to represent the constituency of South West Surrey and served as Shadow Minister for Disabled People from December 2005.

He was also Culture Secretary in 2010 under the Conservative-Liberal Democrat coalition before holding the position of Health Secretary for six years from 2012 to 2018.

He then served as Foreign Secretary from 2018 to 2019 under Theresa May and resigned after finishing as runner-up to Boris Johnson in the Tory leadership contest.

He launched a second leadership bid to replace Mr Johnson but was eliminated in the early rounds, becoming a prominent backer of Rishi Sunak’s campaign.

So what do YOU think? Do you think UK economy is safe in Jeremy Hunt’s hands? Vote in our poll and leave your thoughts in the comment section below.

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