Jeremy Hunt launches attack on Liz Truss as he sparks new fears of huge tax hikes | Politics | New

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Jeremy Hunt launched an attack on Liz Truss in his response to news that the UK is entering recession. In what appeared to be a nod to the alternative policies pursued by Rishi Sunak’s predecessor, Mr Hunt said: ‘There is no other way.’ He warned the UK faces a “difficult road”, adding that “extremely difficult decisions” will be needed to “restore confidence and economic stability”.

It comes after Ms Truss’ catastrophic mini budget caused chaos in the markets.

Mr Hunt was reacting to news that the UK economy had contracted by 0.2% in the last quarter.

The Chancellor said: “I am under no illusions that there is a difficult road ahead – a road which will require extremely difficult decisions to restore confidence and economic stability. But to achieve sustainable growth in the long term, we have to control inflation, balance the pound and bring down the debt.There is no other way.

He added: “As the global economy faces extreme turbulence, the fundamental resilience of the UK economy is a source of long-term optimism.”

Mr Hunt said the latest announcement was ‘disappointing but not entirely unexpected news’.

The Chancellor is preparing a package of measures, which will be announced in the November 17 autumn budget.

Mr Hunt said the budget will ‘get to the root cause’ of the problem – referring to inflation – saying it will ‘protect the most vulnerable’.

He said the government would try to make the recession “shallower and faster” to protect businesses.

Speaking to Sky News, the Chancellor claimed it’s not just the UK that faces a shrinking economy, saying: “According to the IMF, around a third of the global economy is in recession this year or will be in recession this year”.

In another apparent dig into Ms Truss’ mini-budget, he said there was no ‘uncertainty about a fundamental choice we are making as a country, which is whether we are going to pay our share’ , referring to the set of announced unfunded tax cuts. by the former prime minister.

He added: “If we don’t give this certainty to the world, we will see higher interest rates, higher inflation, more instability and more worries for families and businesses.

“When we produced a budget statement that did not show how we were going to reduce our medium-term debt, the markets reacted very badly.

“So we’ve learned that we can’t finance expenses or loans without showing how you’re going to pay for them.”

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