Jeremy Hunt has warned everyone will pay more tax and billions will be cut from public spending in his budget this week, pinning the blame on Liz Truss.
Jeremy Hunt discussed how the volatility of the international gas market will lead to higher costs
The result was the Bank of England has to increase interest rates, the cost of mortgages go up and there’s a lot more pain for businesses. The tax rises – plus an increase in levies on oil and gas firms’ huge profits as energy costs soar – are designed to pull in around £20billion alongside an expected £35billion of spending cuts.some ‘very horrible decisions’ would be made, insisting he could not pull any ‘rabbits out of hats’.
But, on the BBC’s Sunday with Laura Kuenssberg, Mr Hunt said of her plans while in No.10: ‘We have to recognise one of the reasons for the instability that followed the mini-budget was worry that we were exposing public finances to the volatility of the international gas market.’
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