In his first interview after taking office on Friday, the new British Chancellor of the Exchequer, Jeremy Hunt admitted the mistake of having wanted to lower taxes on the richest in times of economic difficulty.
"It was a mistake to lower taxes (from 45% to 40%) on the richest when we were going to ask for difficult decisions on taxes and spending," he said on Sky News, amending the flat to the tax proposal presented by his predecessor, Kwasi Kwarteng , three weeks ago.
In the same way, he announced that the Executive headed by Liz Truss is going to have to adopt "tough" measures to balance the accounts, which will mean asking all the ministries to present savings plans and give up several tax cuts.
"Spending will not rise as much as people want, and we will have to look for more savings, and we will not have the tax cuts that I expected, so there will be some that will have to rise. That is the reality of the situation that we face we face," he added.
The Prime Minister, Liz Truss, yesterday rectified her plan to maintain corporate tax at 19% and recovered the project of the previous Government of Boris Johnson to raise it to 25%, after the financial storm unleashed by the "mini" Budget presented by his former Minister of Economy Kwasi Kwarteng.
In any case, Hunt said that the levels of austerity applied in 2010, after the outbreak of the financial crisis, by the Government of David Cameron will not return.
And despite having declared himself on many occasions in favor of lowering taxes, he admitted that "it doesn't make sense to do it by resorting to more indebtedness."
