While emphasising that his boss Liz Truss continue to be in command of the country, new finance minister Jeremy Hunt promised to restore Britain’s economic credibility by fully accounting for the government’s tax and spending plans.
In an effort to save her position as leader as confidence in her diminished within her own Conservative Party and on the global financial markets, Prime Minister Truss appointed Hunt on Friday.
Plans to replace her were widely reported in the newspapers on Sunday.
Since Hunt’s predecessor, Kwasi Kwarteng, proposed a series of unfunded tax cuts without presenting a set of independent economic predictions on September 23, investors have dumped a significant amount of British government bonds.
The ensuing impacts increased mortgage costs and forced the Bank of England to intervene urgently to preserve pension funds, further straining the finances of Britons.
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