British Prime Minister Liz Truss was dealt another disastrous blow to her credibility on Monday as her new finance minister reversed “almost all” of her signature tax cuts. Jeremy Hunt announced the massive policy 180 in order to do what was “necessary for economic stability.” Truss appointed Hunt to take control of the U.K.’s faltering finances after sacking her first choice of minister, Kwasi Kwarteng, last week. Kwarteng’s radical right-wing “mini-budget” announcing unfunded tax cuts and energy price guarantees in September plunged Britain’s economy into chaos, ultimately forcing Kwarteng into making humiliating policy reversals of his own before being replaced. Now Hunt has announced further reversals including junking plans to cut the basic rate of income tax and dividend tax, effectively killing Truss’ economic vision. “The British people rightly want stability, which is why we are addressing the serious challenges we face in worsening economic conditions,” Truss tweeted after Hunt’s statement.
The British people rightly want stability, which is why we are addressing the serious challenges we face in worsening economic conditions.
We have taken action to chart a new course for growth that supports and delivers for people across the United Kingdom. https://t.co/P3yglx6efZ
