Jeremy Hunt

New chancellor made no mention of policy in economic update but Treasury sources confirm he will go ahead with controversial move.

A Treasury source rejected the suggestion and said further details would be released at the end of the month. The Bank of England also warned at the time that the cap would lead to a rise in fixed-salary costs and squeeze bank finances. A source familiar with the plans confirmed that City regulators were still preparing to consult on the rule changes this autumn. However, Hunt has not made any commitment to follow suit, despite fears that banks would now have to prepare for taxes worth 33%, rather than 28% as previously promised. “What a contrast, that cuts to benefits are still on the table, but the one thing the chancellor couldn’t bring himself to reverse today was lifting the cap on bankers’ bonuses. The hope was that, with less of an individual’s pay riding on performance, there would be a lower incentive for risky behaviour.

Emergency surgery on Trussonomics was vital, but years of grind now lie ahead, says Guardian columnist Gaby Hinsliff.

Years of grind lie ahead as Britain is called out not just for the madness of making Truss prime minister but before that the madness of Brexit, and perhaps also a more longstanding sense of decline. A painful readjustment looms not just of the public finances, but of Britain’s idea of itself. The way he kept repeating the word “stability”, meanwhile, suggests that whatever Tory MPs or indeed a deeply humiliated Truss herself may want, Hunt and the circle of Sunak-backers around him think she has to stay on for now, if only to avoid the immediate chaos of a leadership contest or general election that may well fail to deliver a mandate for such bitter economic medicine. Watching this statement, that seemed for a moment believable, for this was not the fiscal package of someone out to court popularity. The new chancellor’s friends insist he isn’t after Truss’s job, even though he ran for it in the summer and is pretty much now doing it in all but name. Not just the obviously gangrenous parts of Liz Truss and Kwasi Kwarteng’s budget, like her corporation rate tax cut or the abolition of the 45p tax rate, but pretty much everything still within reach of his scalpel.

Some Tory MPs may conclude it is better to pretend that the chancellor is really PM and see how far it takes them.

Chancellor will not rule out new windfall tax or scrapping pensions triple lock, as rebels speed up plots to oust Liz Truss.

[tore up Ms Truss’s mini-Budget](https://www.telegraph.co.uk/politics/2022/10/17/jeremy-hunt-says-rate-income-tax-stay-20p-indefinitely-rips/), including scaling back a promise to freeze household energy bills for two years. Mr Hunt said in a Sky News interview on Monday night that he believed Ms Truss would still be Prime Minister at Christmas despite growing calls for her to go. He also abandoned promises last month of a dividend tax cut, a new VAT-free shopping scheme and a freeze on alcohol duties. The change means households could see annual energy bills [hit as much as £5,000 next spring](https://www.telegraph.co.uk/business/2022/10/17/millions-face-annual-energy-bills-5000-spring-hunt-cuts-back/), at the same time as mortgage rates are set to soar. Of those members with a view, 60 per cent said they would vote for Mr Sunak and 40 per cent for Ms Truss. But the party mood is turning, according to recent surveys. Sir Charles Walker, a Tory veteran who is stepping down at the next election, called the Government “catastrophically incompetent” and said Ms Truss’s position was “untenable”. 1922 Committee executive members have singled out Prime Minister’s Questions on Wednesday as a key moment for Ms Truss to reassert authority. That message will be delivered to the Cabinet.” Markets reacted positively to the Chancellor’s announcement. I wanted to act, to help people with their energy bills, to deal with the issue of high taxes, but we went too far and too fast. Now what I am focused on is delivering for the public.”

Three Tory MPs have said Liz Truss must go as prime minister, a message echoed privately by many Conservative MPs. Mr Hunt is set to make an announcement on the ...

"She is the prime minister at the moment, we will not have an election for the next couple of years. It would be best for the party… Under current Conservative Party rules, Ms Truss is safe from a no confidence vote by Tory MPs to oust her for a year. if we don't have another leadership campaign," he told Today. "It's done... He said the appointment of Mr Hunt had "begun to repair some of the damage" but a change of prime minister was needed as well.

'We went too far, too fast,' says PM in TV interview after new chancellor rips up her economic policy in bid to calm markets.

Chancellor Jeremy Hunt confirmed he is ditching many of the measures in the mini-budget, including the planned cut to income tax. | ITV National News.

The prime minister continues to fight to hold on to her leadership. Mr Hunt announced that help with energy bills for households will only last until April, with a review to find a “new approach” that will “cost the taxpayer significantly less”. “All that is left after these humiliating U-turns are higher mortgages for working people and higher bonuses for bankers. Only five days ago she said at Prime Minister’s Questions there would be ‘absolutely’ no public spending reductions. Help with energy bills for households will only last until April, with a review to find a “new approach” that will “cost the taxpayer significantly less” Last week at PMQs, Ms Truss said

Prime Minister Liz Truss will attempt to save her premiership this week amid growing pressure on her to quit. All eyes will be on the market reaction to her ...

there is real power in Downing Street, but it’s not in No 10, it’s in No 11.” It reads: “This follows the Prime Minister’s statement on Friday, and further conversations between the Prime Minister and the Chancellor over the weekend, to ensure sustainable public finances underpin economic growth.” The statement also said that Hunt had also met with the Governor of the Bank of England and the Head of the Debt Management Office on Sunday night to brief them on the plans. [Chancellor Jeremy Hunt will make a statement today](https://www.bournemouthecho.co.uk/news/national/uk-today/23053587.chancellor-jeremy-hunt-announce-financial-plan-today/), bringing forward measures from the medium-term fiscal plan that will support "fiscal sustainability", the Treasury has said. [called on the Prime Minister to quit](https://www.bournemouthecho.co.uk/news/national/uk-today/23053587.chancellor-jeremy-hunt-announce-financial-plan-today/) on Sunday, while other senior figures within the parliamentary party expressed deep unease with Ms Truss’s leadership but stopped short of calling for her to go. [Jeremy Hunt as Chancellor](https://www.bournemouthecho.co.uk/news/national/uk-today/23053587.chancellor-jeremy-hunt-announce-financial-plan-today/), with her own backbench MPs ready to turn on Ms Truss

In an interview with Sky News political editor Beth Rigby, the new chancellor called on Conservative MPs to "give her a chance". He also ruled out becoming ...

who opposed the measures I announced today. , Mr Hunt replied: "She's prime minister, she has got important decisions to make. He has hinted at further U-turns in a bid to balance the books, telling the Commons this afternoon that he is not against the windfall tax "in principle" - something the Ms Truss is opposed to. In a further diversion from Ms Truss' policies, Mr Hunt also failed to commit to spending 3% of GDP on defence - a key pledge made by the prime minister during the Conservative leadership race. Pressed on why Ms Truss is still in the job, he continued: "I would rather a leader who listens, learns and changes and I think we would have more instability, much more instability, if we were to have a leadership process." [as effectively the "caretaker prime minister"](https://news.sky.com/story/trusss-economic-vision-is-not-only-dead-but-the-complete-opposite-policy-will-be-pursued-12720860) after he was brought in to restore economic stability following weeks of turmoil on the financial markets.

Mr Hunt announced he was scrapping "almost all" of the tax cuts announced by the government last month, in a bid to stabilise the financial markets. A minister ...

Allies of Ms Truss have acknowledged it was a crucial 24 to 48 hours for her premiership. You can also get in touch in the following ways: She also denied there had been a "coup" to remove her. Instead, Ms Truss sent Commons Leader Penny Mordaunt in her place for the clash. He told Sky News: "I think her position is untenable. Ms Truss had previously ruled out a further windfall tax on energy companies. A penny cut in income tax due in April will now not happen. Former chief whip Andrew Mitchell said the prime minister had just a fortnight to save her premiership and "if she cannot do the job, she will be replaced". In a series of tense exchanges, Ms Mourdant told MPs the "prime minister is not under a desk" hiding to avoid difficult decisions. A minister had to deny Ms Truss was hiding "under a desk" after the prime minister did not attend a clash with Sir Keir Starmer in the Commons. Asked if he would introduce a "proper" windfall tax on energy companies, Mr Hunt said he was "not against the principle" of taxing profits that are "genuine windfalls", adding that "nothing is off the table". Mr Hunt announced he was scrapping "almost all" of the tax cuts announced by the government last month, in a bid to stabilise the financial markets.

The announcement of the £18bn U-turn on corporation tax on Friday and the firing of Kwasi Kwarteng as chancellor did not calm rising UK government borrowing ...

However, following the news that Mr Hunt was bringing a statement forward to Monday, the pound gained around to trade above $1.13. There have been further conversations between the chancellor and the prime minister. The move is the latest in a series of U-turns after policies announced in the mini-budget sparked turmoil on financial markets.

He added "almost all" tax cuts announced in mini-budget scrapped - including "indefinite" pause to planned 1p cut in basic rate of income tax. Chancellor Jeremy ...

Chancellor Jeremy Hunt confirmed he is ditching many of the measures in the mini-budget, including the planned cut to income tax. He added "almost all" tax cuts announced in mini-budget scrapped - including "indefinite" pause to planned 1p cut in basic rate of income tax. Jeremy Hunt has announced the Government will scrap plans to reduce the basic rate of income tax from 20% to 19% in April next year, a move that had been forecast would cost the Exchequer almost £5.3 billion in 2023-24.

As health secretary, he replaced Andrew Lansley, whose deeply contentious NHS reforms had all but destroyed relations between the Government and health ...

Instead, he is once again the steady pair of hands undoing the mess created by others, this time by putting up the very taxes he once pledged to slash. “The consequences for us as a party would be devastating,” he said as we warned that forces were at work to block Britain’s EU departure. “The first part of the plan must be clarity that we will remain in the single market,” he said. Facing Mr Johnson, he had an uphill battle and so had no choice but embrace radicalism. In 2018, he was called upon to replace Boris Johnson as foreign secretary, bringing with him his signature seriousness and lack of pizzazz. As health secretary, he replaced Andrew Lansley, whose deeply contentious NHS reforms had all but destroyed relations between the Government and health professionals. It was at this point that he returned to the backbenches, and took over the Health and Social Care Select Committee in time [half the level he has now committed to raising the tax to](https://www.telegraph.co.uk/business/2022/10/17/key-points-jeremy-hunt-statement-mean-economy/). [Mr Hunt had backed Remain](https://www.telegraph.co.uk/politics/2019/07/01/sorry-mr-hunt-leavers-simply-cant-trust-deliver-brexit/) and in the immediate aftermath of the vote and David Cameron’s resignation he was calling for Britain to stay in the single market and for a second referendum. Yet once the leadership contest was over and Theresa May had won and kept Mr Hunt in office, he was back to being a reliable toer of the party line. [Mr Hunt carried on seamlessly as health secretary](https://www.telegraph.co.uk/news/0/who-is-jeremy-hunt-meet-the-health-secretary/) from the Cameron government to the May administration without issue. While Michael Gove was the whirring brainbox sent in to transform underperforming departments with sweeping reforms, Mr Hunt was the safe pair of hands called on to steady the ship and clamp down on mishaps.

Mr Blunt was the first MP to demand her exit, telling Channel 4's Andrew Neil Show on Sunday: “I think the game is up and it's now a question as to how the ...

there is real power in Downing Street, but it’s not in No 10, it’s in No 11.” It reads: “This follows the Prime Minister’s statement on Friday, and further conversations between the Prime Minister and the Chancellor over the weekend, to ensure sustainable public finances underpin economic growth.” The statement also said that Hunt had also met with the Governor of the Bank of England and the Head of the Debt Management Office on Sunday night to brief them on the plans. [Chancellor Jeremy Hunt will make a statement today](https://www.bournemouthecho.co.uk/news/national/uk-today/23053587.chancellor-jeremy-hunt-announce-financial-plan-today/), bringing forward measures from the medium-term fiscal plan that will support "fiscal sustainability", the Treasury has said. [called on the Prime Minister to quit](https://www.bournemouthecho.co.uk/news/national/uk-today/23053587.chancellor-jeremy-hunt-announce-financial-plan-today/) on Sunday, while other senior figures within the parliamentary party expressed deep unease with Ms Truss’s leadership but stopped short of calling for her to go. [Jeremy Hunt as Chancellor](https://www.bournemouthecho.co.uk/news/national/uk-today/23053587.chancellor-jeremy-hunt-announce-financial-plan-today/), with her own backbench MPs ready to turn on Ms Truss

NICOLE Richie, the American reality TV star, once described getting an Uber as “going somewhere with a friend, just that friend doesn't know you.

A “caretaker” for the British public in what will be one of the most challenging winters in modern history? It is only matched by the one which induced the handling of the mini-budget to begin with. we have taken action to chart a new course for growth”. Hunt will likely give short shrift to the idea welfare benefits should go up with inflation, or free school meals could be extended. For many, this is simply code for “austerity” but made with what Hunt calls “compassion”. Last week, Liz Truss had a similar realisation as her government veered dramatically off the road.

While Mr Hunt's appointment was welcomed by some Tory MPs as “an experienced pair of hands”, some questioned why Mr Kwarteng was the one who had to go when he ...

In June this year, Mr Hunt revealed he had cancer but had since recovered. He held office during a slow period of investment in the But this is a moment to be there for the country, and in my experience, it’s always been country first, and he will see that as his job right now. “You should see Liz Truss as the chairman and Jeremy Hunt as the chief executive. He led that panel in questioning But he survived the row and, in September 2012, was appointed health secretary. [Terms of use,](https://www.independent.co.uk/service/user-policies-a6184151.html) [Cookie policy](https://www.independent.co.uk/service/cookie-policy-a6184186.html) and [Privacy notice.](https://www.independent.co.uk/service/privacy-policy-a6184181.html) A new contract for junior doctors was later imposed. He said at the time that “every member of his family” has had the disease and that he had “a minor one” himself. [Privacy policy](https://policies.google.com/privacy?hl=en) and [Terms of service](https://policies.google.com/terms?hl=en) apply. After losing to Mr Johnson in the 2019 party leadership race, Mr Hunt said his campaign was “always going to be uphill” because he had voted Remain and was therefore out of step with many of his colleagues. Left out of Mr Johnson’s government, he was elected to head a committee of MPs that scrutinises the performance of the NHS and government health policy in January 2020.

Plus, Rishi Sunak would crush Liz Truss in leadership race rerun, according to new poll.

SNP MP Alison Thewliss warned the public now faced a "cliff edge" on energy bills when the price cap ends in April.

That means decisions of eye-watering difficulty." There will continue to be a huge cost to families because of the actions of this Tory Government. A cliff edge looming next April". Has it been scrapped or has it not been scrapped?" We are still flying blind with no OBR forecasts and no clarity of the impact of their mistakes. Thewliss accused the Government of "doubling down on austerity" and said excess deaths have been linked to Tory austerity policies in Scotland, "an unacceptable human cost".

Hunt was named chancellor — the most senior position in government, beneath the prime minister — after Truss sacked her hitherto close ally Kwasi Kwarteng last ...

When it comes to economic policy, and much else, he is in a position to dictate terms for as long as she lasts.” chancellor, but “this government has now gone into such a close-to-doom position that the gravity of the Treasury orthodoxy is all it can think about.” Once you put someone in of such a different political opinion, you can't even claim this is about recognizing the markets and we are back on growth. Indeed, allies of Hunt have— perhaps optimistically— taken to referring to Hunt as 'Jeremy Draghi,' given the rescue job lying before him. He stressed the need for “confidence and stability" in the U.K. The markets also responded positively both to Hunt’s appointment and his first acts as chancellor. government would “make whatever tough decisions are necessary” to calm the markets. "Mrs Hunt rules it out. Jonathan Portes, professor of economics at King's College London, compared the U.K. Giles Wilkes, a partner at Flint Global and former No. Three Hunt children rule it out." In a hastily-arranged TV statement Monday, Hunt struck a markedly different tone from the libertarian defiance of Truss and Kwarteng.

'We will get more money out of the pockets of rich bankers by what we are going to do now,' Hunt says.

The exchanges came after Mr Hunt confirmed to Parliament that the UK Government would be reversing many of the policies announced by his predecessor Kwasi ...

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Chancellor says "eye-watering" decisions ahead as he is accused of unveiling "austerity season two"

Now in a blind panic they are calling for a plan for big cuts by Friday without any sense of what services the government should stop providing. A reductions in defence spending is now also potentially on the table, despite an earlier pledge from Truss to increase it by 2.5% of GDP by 2026. A leaked Treasury letter last week suggested departments could be asked to find savings of around £7bn in total from capital budgets to be returned to the Treasury. Referring to reports departments could be asked to deliver reduced budgets by Friday, the union's general secretary Mike Clancy said: “In recent months the government threatened 91,000 civil service jobs cuts. Department budgets have since begun to slowly increase, but the IFS has now warned that public service cuts of £35bn could be needed to get borrowing down to acceptable levels. “I was a cabinet minister in 2010 when we had very difficult decisions to take in the wake of the financial crisis, and my department’s budget was cut by 24%.

Hunt urged ministers to find savings at a cabinet meeting on Tuesday, as he grappled with a budget shortfall that remains approximately £40bn, despite his ...

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