Chancellor Warns Of Tax Rises As PM Is Under Pressure

The new chancellor Jeremy Hunt has told the BBC “difficult decisions” lie ahead, warning that some taxes will go up
Admitting mistakes with the government’s mini-budget, Hunt said Kwasi Kwarteng was wrong to cut the top rate of income tax
But Hunt praised his predecessor for introducing the energy price guarantee to help people with bills
Amid talk of a Tory leadership challenge or general election, Hunt said the last thing the public wanted was “more political instability”
The Bank of England chief says he’s already spoken to Hunt, and there was a “meeting of minds” on the importance of financial sustainability
Labour leader Sir Keir Starmer is among those calling for an election, accusing Prime Minister Liz Truss of causing “grotesque chaos”
Truss is trying to shore up support among Tory MPs, having received a backlash after announcing another U-turn in her tax-cutting plans