Rarely has a chancellor been confronted with a horrible set of draft economic forecasts by the UK fiscal watchdog like those presented to Jeremy Hunt over the past few weeks. But unlike his predecessor Kwasi Kwarteng, Hunt was willing to accept dire predictions for the economy and public finances put forward by the Office for … Read more
Jeremy Hunt went to parliament on Monday to bury Trussonomics, not to praise it. In a knifing fit for Shakespeare’s Julius Caesar, the new chancellor vanquished the rightwing “mini” Budget that Liz Truss had used to put forward £45bn of unfunded tax cuts. Hunt reversed most of the prime minister’s tax cuts that were meant … Read more
Liz Truss spent the summer trying to bury Treasury “orthodoxy”; on Monday she and her chancellor Kwasi Kwarteng launched a concerted effort to resurrect it. For some Tory MPs it was a case of too little, too late. Kwarteng announced he was rushing forward publication of his medium term plan to cut UK government debt … Read more