“I’m afraid we will all pay more taxes, but it wouldn’t just be bad news. I think what people realize is that if you want to give people confidence about the future, you have to be honest about the present. “You have to have a plan,” Hunt told Sky News.
“This will be a plan to help bring down inflation, help control high energy prices, and also restore growth, which is what we desperately need,” he added.
The minister, who replaced Kwasi Koarting as head of the economy portfolio on October 14, stressed that the government would have to make “very difficult decisions”, but stressed that the country had “resistance” and had faced “Much bigger challenges, frankly, in our history.”
“The plan that I will present in the House of Commons on Thursday will be one that will enable us to get through these difficult times,” he added.
Upon taking office, Hunt reversed former Prime Minister Liz Truss’s tax-cut economic plan, after the program had caused turmoil in financial markets.
The UK’s accumulated debt at the end of last September amounted to 2.45 trillion pounds (2.80 trillion euros), which is equivalent to 98% of GDP.
ten days ago andThe Bank of England announced a 0.75 percentage point rate hike to 3%, the highest level since 2008, to help curb inflation.
According to the bank, the UK may be on track to enter a prolonged recession, although it expects inflation to drop significantly from mid-2023.
According to the bank’s calculations, inflation may reach 11% by the end of this year, while unemployment in the United Kingdom may reach 6.4% at the end of 2025, compared to 3.5% today.