‘Difficult decisions’ on tax and spending lie ahead, says UK's Hunt

The country's new chancellor faces a huge challenge to calm markets

UK Chancellor of the Exchequer Jeremy Hunt said that there are tough choices ahead on tax and spending as he seeks to calm financial markets, after weeks of chaos since Prime Minister Liz Truss came to power. Picture: BLOOMBERG

Hunt replaced Kwasi Kwarteng in charge of the UK’s purse strings on a dramatic Friday in which Truss sacked her long-standing ally and made a another major U-turn on her economic strategy in a desperate bid to rescue her premiership.

That prediction was borne out as Truss and Kwarteng failed to convince financial markets their plan was credible. Their September 23 package triggered a sell-off that sent the pound to an all-time low against the dollar and forced the Bank of England to intervene in the gilts market to prevent a key part of the pensions industry from collapsing.

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