Britain’s Treasury Secretary warned on Sunday that there would be spending cuts and tax hikes to rectify the country’s financial shortfall.
The official, Jeremy Hunt, will provide details of the announcement on Thursday before Parliament.
Says you are bound to make a decision “very difficult” in order to fight inflation and boost the economy.
Hunto told the British broadcaster he was determined to make the expected recession as light as possible.and warned that everyone would have to pay more taxes.
“I’m a conservative and I think I made it very clear that there were going to be tax increases, and that was something that was very difficult for me because I entered politics to do the opposite,” Hunt told the BBC.
Hunt is seeking up to 60 billion pounds ($71 billion) in savings and extra revenue to shore up public finances and fix something this year that economists say was caused by his predecessor, Kwasi Kwarteng, and former Prime Minister Liz Truss.
According to think tank Resolution Foundation, Truss and Kwarteng lost £20 billion in spending cuts, and another £10 billion in rising interest rates and borrowing costs.
Hunt said he would stick to his predecessor’s pledge to help citizens with energy costs, but warned there would be cuts in government agencies.
Previously, speaking to the Sunday Times, he called the literary character “stingy person”, which ruined Christmas.
“I will be the ‘Scrooge’ who will do things in such a way that Christmas is never spoiled.“, said.
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