The former Finance Minister, Kwasi Kwarteng, was fired over his disastrous mini-budget and tax cut proposals.
The newly appointed British Finance Minister, Jeremy Hunt, says that PM Liz Truss’s controversial tax cuts that caused financial turmoil in the markets and caused his predecessor to be sacked, were a grave mistake.
The UK is currently facing a financial recession caused by a high cost of living, the Russian invasion of Ukraine and the effects of the pandemic.
The new British Prime Minister, Liz Truss, took office in the midst of this turbulent time and announced a 105 billion pound tax cut without mentioning how she would pay the rising public debts. This decision made the public question her leadership as the new Prime Minister and many protests were organised against her.
The British pound also fell against the US dollar, dropping to a low of 1.038 dollars in light of the financial crisis.
The 55-year-old Jeremy Hunt, who was appointed by Truss after only 38 days in office, is expected to persuade investors to invest in the country in order to revive the economy. He also hopes to gain support from Troy MPs and other Conservative party members who were unhappy with her new financial policy.
He is hoping to put the country’s economy on a path of recovery and has already ditched the controversial tax cut put forward by his predecessor, Liz Truss.
Hunt was the former Foreign Secretary and ran twice for the Conservative Party leadership, where he supported increased spending on health and defence but lost to Boris Johnson and Liz Truss, respectively.He subsequently supported Rishi Sunak for the leadership of the party and for the office against Liz Truss.
He has also previously served as the former minister for Health and Culture.
If he is able to successfully turn things around, he could be possibly seen as the future successor to Liz Truss as Prime Minister and has also been talked about openly as the potential candidate to be the country’s next Prime Minister as he also brings in immense experience as being a member of both the David Cameron and Theresa May Cabinets as a “crusading backbencher” in the House of Commons.
