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Liz Truss clings to power as new chancellor says ‘mistakes’ have been made and taxes will rise – UK Politics Live | Politics

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Errors in the minibudget, says the new chancellor

new chancellor Jeremy Huntdiscusses his plans for the post on Sky News this morning.

He says that Liz Truss the administration made “mistakes” and that “difficult decisions” lie ahead.

He says:

I want to do the right thing for the British people.

It is a great honor to do the job that the Prime Minister has entrusted to me, but I want to be honest with people: we have very difficult decisions ahead of us.

The past few weeks have been very difficult, but the context of course comes from the pandemic and the cost of living crisis.

And what people want, markets want, what the country needs now is stability. No chancellor can control the markets.

But what I can do is show that we can pay our taxes and spending plans, and that’s going to require some very difficult decisions on both spending and taxes.

He adds:

There were mistakes. It was a mistake to demand tough decisions on all areas of tax and spending to lower the tax rate paid by the wealthiest.

It was a mistake to go blindly and make these projections without giving people confidence in Fiscal Responsibility that the amounts add up.

The Prime Minister has recognized that, that’s why I’m here.

Key events

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On today’s front page the times, Kwasi Kwarteng says Liz Truss only took “a few weeks” off. him as chancellor and the abolition of the mini-budget.

Actress Miriam Margolis Says Jeremy Hunt Live: ‘You’re a fucking bastard’

Actress Miriam Margolis said she wanted to tell Jeremy Hunt “Fuck you bastard” after appearing on Radio 4 just after the new chancellor.

Speaking in the “Today” program at the end of the interview about Robbie Coltrane’s deathshe said:

When I saw him [Hunt] there, I just said, “What a hell of a job, good luck.”

And what I really wanted to say was, “Fuck you bastard,” but you can’t say that.

Miriam Margolis is photographed at her home in London. Photo: Antonio Olmos/The Guardian

Hunt insists Truss won the leadership “fairly” but admits: “Some people, myself included, didn’t vote for the Prime Minister.”

How long will it be Liz Truss be PM, Hunt asks? “I think now the country wants sustainable development.”

He adds: “If we’re going to be judged at the general election, we’re going to be judged by what we deliver over the next 18 months.”

He said he doesn’t want to “pretend it hasn’t been a very tough few weeks,” but he does Conservatives united in parliament around growth and the success of Brexit.

He admits:

We had leadership elections. Some people, including myself, did not vote for the Prime Minister, but we recognize that she won fairly.

Hunt insists Truss “listened” after the mini-budget fell through.

Hunt says UK debt is already 97% of GDP and tax cuts must be ‘sustainable’

Regarding the promise to reduce the personal income tax, he says that he “very much” hopes that it will be possible to reduce it, but it is necessary to look at everything “in a circle”.

Insists that tax cuts must be sustainable and funded.

He says UK debt is already 97% of GDP, the highest level of debt since the 1960s.

Hunt says

There will be no easy elections, it will be very difficult.

He adds: “A lot of what people are hoping for won’t happen, but we will think about the most vulnerable when making these decisions.”

“Of course Britain has to support the war in Ukraine, but the Ministry of Defense will also face cuts,” says Hunt.

He says he cannot guarantee the Prime Minister’s promise to increase defense spending.

Hunt says the UK has “tremendous amounts of money” but the reason it remains an economic leader is because the country has been prepared to make “tough decisions” – and this moment is one of them.

The new chancellor says he is “very sensitive” to people at the bottom of the income scale, but has not committed to not cutting benefits. “I’ve only been on this job for a few hours,” he says, adding that he will meet with the Treasury team later today.

Taxes will have to be raised, says Hunt

The chancellor says the prime minister wants him to be “totally honest” with the country and that there will be tough decisions ahead.

He says he won’t specify which departments, but he will demand that “all departments,” including health, make savings and that some taxes should go up.

Again, Hunt says he and the country share a “fundamental understanding” of Truss economics. He says the “growth paradox” needs to be resolved, but concedes that “the way we went about it was obviously wrong; that’s why I’m sitting here now.”

Next for Jeremy Hunttoday’s BBC Radio 4 programme.

He says it was “wrong” to cut the top rate of tax for the highest earners if the government has to ask “sacrifices” from others to get through the winter.

The new Chancellor supports the “basics” of the Prime Minister’s economic plan

On his first morning as chancellor, Jeremy Hunt says he backs the ‘fundamentals’ of Liz Truss’ economic plan (See also 7.38 am).

He told Sky News:

The fundamental strategy behind all this is that we have to solve the growth paradox, if we want to fund public services like the NHS well and keep taxes down and down, then we have to increase the rate of growth. That is absolutely right and I would also like to be able to reduce corporate tax.

But he declined to give any specific commitments about his October 31 financial report.

I’m not going to make any specific commitments about specific departments or, indeed, about taxes about specific taxes, because we have to look at these things as a whole. And we have to make sure that in making these very difficult decisions, we’re honest with people about the situation we’re facing.

How long Liz Truss may continue as long as the Prime Minister dominates today’s UK front pages.

The Guardian calls it “day of chaos”, as Kwasi Kwarteng has been in office for just 38 days and the Trust is forced to make a “humiliating” U-turn on the planned corporation tax freeze. It is noted that Truss’ press conference consisted of “eight minutes, four questions and no apologies.”

The A mirror clearly heard enough, declaring “Time’s Up” in its headline. It reports on growing calls for a general election and Keir Starmer’s desire to change the government.

The Telegraph headlines: “Truss clings to power after axing Quarteng” and reports “an extraordinary day of reversals in Westminster that left Tory MPs in despair and accelerated a plot among some rebels trying to unseat Ms Truss”. It said Truss had warned during her leadership contest that the looming rise in corporation tax, due now, would trigger a recession.

You can read the full selection of documents here:

Errors in the minibudget, says the new chancellor

new chancellor Jeremy Huntdiscusses his plans for the post on Sky News this morning.

He says that Liz Truss the administration made “mistakes” and that “difficult decisions” lie ahead.

He says:

I want to do the right thing for the British people.

It is a great honor to do the job that the Prime Minister has entrusted to me, but I want to be honest with people: we have very difficult decisions ahead of us.

The past few weeks have been very difficult, but the context of course comes from the pandemic and the cost of living crisis.

And what people want, markets want, what the country needs now is stability. No chancellor can control the markets.

But what I can do is show that we can pay our taxes and spending plans, and that’s going to require some very difficult decisions on both spending and taxes.

He adds:

There were mistakes. It was a mistake to demand tough decisions on all areas of tax and spending to lower the tax rate paid by the wealthiest.

It was a mistake to go blindly and make these projections without giving people confidence in Fiscal Responsibility that the amounts add up.

The Prime Minister has recognized that, that’s why I’m here.

Labor is calling for a general election

Rowena Mason

Rowena Mason

Keir Starmer has called for a general election regardless of whether Liz Truss is ousted Conservativessaying the government was “absolutely at the end of the road” and Labor was gearing up for power.

In an interview with the Guardian Work The leader said Truss had driven the economy “into the wall” while “destroying our institutions” and that changing the prime minister again without allowing the country to vote would be unacceptable.

However, Starmer said he had told his shadow cabinet not to be complacent about the party’s 30-point lead in the polls, and that Work “wasn’t going to sit back” but fight for every vote.

He said people were “looking to Labor for answers for the next election” and the party needed to get on with the job of winning the contest, rather than assume that government incompetence would lead to a Tory defeat.

“For the good of the country, we need a general election.”

Read the full interview here:

Liz Truss clings to power after a chaotic day

Good morning. Liz Truss has been prime minister for 39 days, but her political future remains far from certain after 24 hours in which she was sacked Kwasi Kwarteng as chancellor appointed Jeremy Hunt as his replacement and abandoned flagship economic policies.

The announcement that corporation tax will rise next year (as planned by the previous government) rather than remain at 19% was intended to calm financial markets after weeks of turmoil caused by the mini-budget. Nevertheless, experts say that the new chancellor can still need to find £40 billion in spending cuts to make the Prime Minister’s current policies viable.

As reported by my colleaguesTruss said being prime minister would help “reassure the markets about our fiscal discipline”, but the cost of government borrowing rose and sterling fell after her press conference to announce the changes.

Senior Conservative MPs are plotting how to remove her from office, with some considering whether to publicly call for her to resign in the coming days. One former cabinet minister said they thought it was “50/50 whether she would make it to Christmas”, adding: “If I could wave a magic wand and get rid of her now I would, but the problem is in the mechanism “.

Meanwhile, Labor is calling for a general election whether Truss stays or leaves. Speaking to the Guardian, party leader Sir Keir Starmer said: said:

A change of personnel at the top of the Tory party is not the change we need. A change of power is needed.

We’re in the absurd situation where we’re on our third, fourth prime minister in six years, and a few weeks later we have a prime minister who has the worst reputation rating of any prime minister in history.

Their party is completely exhausted and clapping. He has no ideas, he can’t look to the future and he has left the UK on the defensive where we don’t face the challenges of the future because we don’t have a government that can lead us into the future.

We need a general election for the good of the country.

Follow the latest political events throughout the day.

https://www.theguardian.com/politics/live/2022/oct/15/liz-truss-conservatives-tories-labour-keir-starmer-election-uk-politics-latest-news

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