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New UK finance minister Hunt reverses Truss's economic plan in dramatic U-turn

27 Comments
By William Schomberg, Kylie MacLellan and Elizabeth Piper

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27 Comments
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Let be clear Truss is prime minister in name only.

That charade yesterday was proof enough.

Astonishingly Hunt doesn't even have a mandate from his own party, let alone the electorate.

Let's be frank, yesterday UK government the Tory party it's membership was subject to a putsch, coup d'etat.

As a result taxes will rise not fall by 5%. That's before Hunt is ordered to cut government expenditure, and subject pensioners reliant on the triple lock, also the most venerable in society to pay to secure the bond market.

31st of October remember that day.

4 ( +4 / -0 )

Truss will be gone within weeks. What a farce the UK government has become, how far the nation is falling is very sad.

9 ( +10 / -1 )

The worst political story in my 7 decades. The taxes are too high. The cost of living and energy costs are too high. Rents and mortgages. People are hurt and waiting hours for an ambulance to take them to a hospital.

misTrust tries to apologize and claims she will lead the Tories into the next general election.

5 ( +6 / -1 )

I was skeptical about Rishi becoming PM due to his vast family wealth and ‘not knowing anyone working class’ but Truss is clearly not fit for purpose. That press conference merely highlighted the fact that she is out of her depth. The polls are clearly showing the Tories have zero chance of reelection and they did it to themselves. Though Boris may have had his issues he was heads and shoulders above this sorry lot. And I wouldn’t even trust Jeremy Hunt with my lunch. The guy that doesn’t even know his own wife’s nationality.

4 ( +4 / -0 )

Just when you thought nobody could be worse than Borris….

Time for the Torries to spend some time in the wilderness and find their purpose (besides self-enrichment) again.

1 ( +2 / -1 )

Personally, paranoia is setting in, the Truss tax cuts would have returned the country to the Blair Brown era.

Drop the top rate of tax cut, and phase in prudently the other tax cutting polices when finances allowed could have produced a more acceptable result possibly.

That is the gospel according to a college mentor I have kept in touch with.

Although I struggle with this, because the economic circumstances are worlds apart, some 15 years.

One cannot simply ignore the number of fiscal and monetary hurdles, plus a pandemic, war etc.

The borrowing through the bond market has a grip or at least an influence on governments and policy.

For my Bridgton workforce under the Hunt fiscal muggings, theoretically most would be better off if we relocated to France, Italy or Ireland.

0 ( +1 / -1 )

UK base income tax 20%. Japan 5%. Tax-free allowance is the same. UK sales tax 20%. Japan 10%.

0 ( +2 / -2 )

A General Election may be seen as being the best for the Country - but then, clearly Labor would win, so the Tories will not take that option. Starmer seems like a nice chap, though I worry about some of the others in his party.

Rishi Sunak .. is not PM quality, he's a fraud, a cheat, maybe smart, but milks the system like the rest of them, plus... his Wife, who is an Indian National, poses a National Security risk - especially since India has sided with Russia - something that would be difficult for NATO countries to accept, and given their Tax evasion debacle... make both of them worse than Truss's Tax cut for the Rich.

A PM is not someone who makes all the decisions, but someone who approves them, be them right or wrong, clearly Truss approved some wrong decisions from her former Chancellor and that's why he's now an ex-.. given that she had to hurriedly form a "Cabinet" you can imagine the Ikea-like disasters that could follow...

So give her some time, let's see how things play out, rather than how the Tabloids think that they can make things play out. In the meantime, Rupert Murdock, can go play with his "toys" elsewhere - hands off the UK, please.

1 ( +1 / -0 )

Truss sat, expressionless, in parliament as Hunt detailed why he needed to reverse nearly all the policies that had helped her become Conservative Party leader and premier less than six weeks ago.

Looks like Truss' days cosplaying as Margaret Thatcher are over.

Loved the press conference a few days ago, when Truss tried to start things with an (expected) soft question from the Torygraph...to have the journalist from the (usually conservative party supporting) Telegraph being the first one (of four) to eviscerate her by basically asking her: why the $"U)0%#$" are you still here??

After 4 times the same questions by 4 different news outlets did Truss call it quits and hastely left the room...

She's toast and will deserve her very own entry in history books.

3 ( +3 / -0 )

I have been telling everyone since the beginning that Truss is incompetent like BJ.

Rishi Sunak warned everyone that Truss's ideas were trash!

Five PMs in six years looks bad on the UK. On top of all that, Truss may have passed the virus on to the former queen causing her to get gravely ill.

How is BREXIT looking now UK?

6 ( +9 / -3 )

Hunt has seemingly reversed the changes made, to back to "normal" - which should allow for a more considered view upon what needs doing. I sort of agree with that, it's a STOP, let's really look at what's going on here, perspective.

Oil & Milk protesters should be locked up immediately for starters. That will take away another annoyance, that is simply a distraction upon the goals the UK needs to set- both groups are Social Terrorists, and should be treated as such.

Some changes within UK Government, really need to be made - there's too much "red tape" within the UK, and that just necessitates having a larger Civil Service. Time to streamline things, make them more efficient. It doesn't take a big project to do that, it doesn't require huge expenditure, you don't need vast teams of experts advising upon the best ways to do that... the NHS failed there big time. (The BCS is partly to blame).

Personally, I think, I could sort out the whole mess quite easily - I'd simply cut out the middle-men, their bureaucratic nonsense and deal with those who work in their fields, and ask ... the simple question... "what do you need to do your job", and then appoint people to see that this is done - we don't need grand systems, but something basic, something that works, back to the fundamentals.... and those fundamentals, can be cross-industry these days, it's really quite simple, doesn't need AI, or special fancy databases... basics... don't loose sight of the basics, and that applies to Government too.... what are they there for....

0 ( +1 / -1 )

itsonlyrockandroll

Brighton or Bridgerton?

2 ( +2 / -0 )

Thank you Wallace, more finger trouble, and laziness, Brighton, one with the pier.

The teams have settled, kids at schools, mortgages etc.

The workforce is European to the extent of many, highly skilled in their field have families stretched from Latvia to France. They have made the UK there home, and the business relies on their loyalty and dedication.

Taxes, the ever increasing costs of living are taking there toll. The greatest burden is energy costs.

In Japan I have been, in many respects insulated personally, but my family in the UK, farmer landowners, have been close to the point of bankruptcy, the pandemic was the last straw.

However we pulled together as a family and pooled our resources.

Those days could be numbered, if the farm labours/pickers/growers, most choosing to be self employed, IR35 status is reassessed.

Hunt could be looking to squeeze until the pips squeak.

1 ( +1 / -0 )

itsonlyrockandroll

There is also a pier in Bridgerton.

My family too is struggling. Some are taking cold baths.

3 ( +3 / -0 )

Yes of course Bridgeton, Bath. I think.

I am sorry that your family are struggling.

2 ( +2 / -0 )

The pound didn't 'soar' to $1.15. It used to be $1.65 before the Tories ruined the country and the economy.

Hunt never had any problem cutting public spending when he was Health secretary. He seemed to enjoy it. He took plenty of lumps out of the NHS and was hated by anyone who worked in the health service.

Now he can be hated for a wider range of cuts by far more people. I guess that's a promotion for a Tory.

1 ( +2 / -1 )

I liked the part on TV JST last night where Liz was "unavoidably detained" and could not attend question time.

The reaction was about as humorous as expected.

I doubt the woman will be able to show her face in a shop much less show up to the House of Commons.

2 ( +2 / -0 )

While I don’t agree with Hunt, he actually did okay in the Commons given the situation he was in.

It reminded me of what Thatcher did when she was going nuts and Geoffrey Howe’s famous image of being forced into an innings with broken bats.

Truss has to go as soon as possible. This can’t carry on.

0 ( +1 / -1 )

The British are trying to become military freeloader,by reducing their military contribution as a NATO member,we did it over 250 years ago Google British Military Cuts

-3 ( +0 / -3 )

unfunded tax cuts

Oh please!!!

How would one “fund” a cut in tax rates? With revenues from…. Santa Claus? The tooth fairy?

Tax revenues ARE funds. It is nonsensical to infer that tax revenues fund tax cuts.

Hunt said halting the planned tax cuts would raise 32 billion pounds

the two-year energy subsidy scheme for households and businesses - expected to cost well over 100 billion pounds

Even if Hunt’s guess as to how much revenues the tax rate changes would bring in turned out to be correct (ha), it’s 32 billion versus 100 billion.

The tail and the dog are easy to see - and only one of them can logically be “unfunded”.

-1 ( +0 / -1 )

Yes, its all a shambles. Which would be fine if it were a reality tv show entertaining us, but these are real decisions that affect real people's lives in fundamental ways, like can I feed the kids and myself, can I turn the heating on, can we afford this mortgage?

0 ( +0 / -0 )

Theirs a broadcaster for LBC called James O'Brien you can see on YouTube.

He summed it up perfectly yesterday.

The stupidity of an agenda funded by right wing think tanks have resulted in the mess they are in

From the rest of Europe it's like rubbernecking a car crash watching this .

And they're more interested in saving their skins than doing the right thing for the UK.

Insanity

0 ( +0 / -0 )

2 “speeches” pitches from Jeremy Hunt, and finally yesterday. Statement 

keynote Speech by Rt Hon Jeremy Hunt. ….July 2019

https://policyexchange.org.uk/events/keynote-speech-by-rt-hon-jeremy-hunt-mp/

A leadership bid/speech, good one, convincing at least. to replace Theresa May

Tory leadership: Candidates shouldn't promise 'unfunded tax-cuts' - Jeremy Hunt May 2022

https://www.youtube.com/watch?v=-oaL63ghsIQ

Jeremy Hunt leadership pitch to replace Boris Johnson……

Now Yesterday.

Watch live: Chancellor Jeremy Hunt delivers statement on medium-term fiscal plan shuffle 05:18 ish

https://www.youtube.com/results?search_query=jeremy+hunt+statement

I understand why Jeremy Hunt was appointed,

I cannot believe that yesterday’s statement was authored by Hunt personally.

Unless Hunt has a multiple personality disorder.

Hunt insists this statement is an example of core compassionate conservative values.

The people footing the bill for failure in government are the most at risk.

Please review Rachel Reeves reply.

Hunt mentioned the unemployment rate, Hunt failed to mention any reference the huge gap between rates of pay. and earnings. those on pattern hours, zero contracts short term piece work.

0 ( +0 / -0 )

Bring back Boris?

0 ( +0 / -0 )

@wallace

UK base income tax 20%

Japanese base income tax 10%, plus 10% local tax, plus 10+% health insurance.

2 ( +2 / -0 )

Hello Kitty 321

in the UK too. Local taxes + national insurance.

The lowest tax rate in Japan is 5%. UK 20%.

https://www.jetro.go.jp/en/invest/setting_up/section3/page7.html

0 ( +0 / -0 )

Truss will be gone within weeks.

In days?

You don’t need a weatherman to know which way the wind blows (and you don't need an economist to know which way to change the mad-hatter, trickle-down of dim and dimmer, Kwasi and Truss: About Turn!) . The Tories are toast, but the fag-waving faux patriots will always put party (and their cushy jobs) before country so the Brits will have to wait a while to toss them all out at the next election.

1 ( +1 / -0 )

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