Jeremy Hunt

Experienced cabinet minister not likely to propose more U-turns but Tory MPs divided over whether he will save PM.

Newly appointed UK finance minister Jeremy Hunt is a mild-mannered political survivor who will require all of his considerable experience to calm an economy ...

He served as the Conservatives' culture, media and sport spokesman in opposition then took over the brief as secretary of state when his party took office in 2010. Hunt was promoted to health secretary, one of the hardest jobs in cabinet at the time, as the government implemented long-lasting austerity measures in the wake of the 2008 economic crisis. In government, he oversaw the London 2012 Olympics, was Britain's longest-serving health secretary and proved a steady pair of hands as the UK's top diplomat.

A former foreign minister, Hunt has twice been unsuccessful in running for the governing Conservative Party's leadership, once losing to Boris Johnson and then ...

Hunt endorsed Truss’s leadership rival, former finance minister Rishi Sunak, to become prime minister and is seen by many in the party as a safe pair of hands. Jeremy Hunt has been appointed the UK’s finance minister, Prime Minister Liz Truss’s office says, following Kwasi Kwarteng’s resignation from the post after less than six weeks in the job. UK Prime Minister Liz Truss has appointed former foreign secretary Jeremy Hunt as new finance minister

Former British foreign minister Jeremy Hunt has been appointed as the new finance minister by Prime Minister Liz Truss, Times Political Editor Steven.

An initial drop in price is later taken over by buyers, resulting in a sharp move to the upside. Gold is having a difficult time staging a rebound and trading deep in negative territory below $1,650. EUR/USD peaked at 0.9771 following the mixed macroeconomic data releases from the US. Retail Sales remained virtually unchanged in September but the 5-year Consumer Inflation Expectation of the UoM's survey climbed to 2.9% from 2.7%. The author makes no representations as to the accuracy, completeness, or suitability of this information. GBP/USD managed to recover above 1.1200 during the American trading hours as investors digested the latest political headlines from the UK. The author has not received compensation for writing this article, other than from FXStreet. The author will not be held responsible for information that is found at the end of links posted on this page. It also does not guarantee that this information is of a timely nature. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. As of writing, GBP/USD was trading at 1.1200, where it was down 1.1% on a daily basis. This development doesn't seem to be helping the British pound find demand.

The choice of new Chancellor is meant to appease the Prime Minister's critics. How long will they really be able to work together?

It may be a further haemorrhage in the markets. Truss could have tried to reorganise her government in a way that showed she “got it” and was reaching out, resolved to be a different kind of leader henceforth. We await the judgement, as ever, of the markets. Minus him and the “growth agenda”, she is a leader without a purpose – beyond, it seems, staying in the job. [Kwasi Kwarteng](https://www.newstatesman.com/tag/kwasi-kwarteng), what is the [Liz Truss](https://www.newstatesman.com/tag/liz-truss) plan now? But most of what the Prime Minister said was what she has been saying over the past few weeks: the monotone, unblinking pap about growth, world conditions and acting – you guessed it – decisively.

Jeremy Hunt has been confirmed as the new chancellor of the exchequer after Kwasi Kwarteng was sacked by the prime minister this morning October 10 after 38 ...

The decision to bring in a new team is an attempt to quell the fissures in financial markets which have pushed up borrowing costs and pushed the value of the pound to its lowest point against the dollar. Hunt has been the MP for South West Surrey since 2005, and has served as secretary of state for foreign and commonwealth affairs, as well as for culture, Olympics, media and sport. The policies triggered a rush for the door for gilt investors, and the pound sunk to its lowest value against the dollar after £43bn of unfunded tax cuts were unveiled.

Kwarteng's replacement is warned of inflation impact, crumbling services and financial 'black hole' that he has two weeks to fill.

However, many economists believe the OBR is unlikely to endorse that view. [NHS](https://www.theguardian.com/society/nhs), schools and all our public services have been slashed to the bone over the last 12 years. Truss has refused to spell out whether benefits will rise in line with inflation next April, as previously promised by Sunak. Details of so-called “supply-side reforms”, expected to include planning changes and deregulation of the childcare sector, are yet to be announced. Truss said: “We will control the size of the state to ensure that taxpayers’ money is always well spent.” “Hospital waiting lists are at record highs, school buildings are crumbling before our eyes and local services are on their knees.”

Liz Truss's new chancellorJeremy Hunt has warned of “difficult” spending cuts ahead after he admitted that “mistakes” were made in last month's mini-Budget.

But he made clear he was now implementing his economic plans, not that of Mr Kwarteng and Ms Truss, which was due to be outlined on Halloween. And he suggested the planned 1p cut to income tax could be dumped. [Terms of use,](https://www.independent.co.uk/service/user-policies-a6184151.html) [Cookie policy](https://www.independent.co.uk/service/cookie-policy-a6184186.html) and [Privacy notice.](https://www.independent.co.uk/service/privacy-policy-a6184181.html) With his appointment, Mr Hunt become the fourth chancellor in four months. [Privacy policy](https://policies.google.com/privacy?hl=en) and [Terms of service](https://policies.google.com/terms?hl=en) apply. By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Registration is a free and easy way to support our truly independent journalism [In a unexpected moment](/tv/news/bbc-jeremy-hunt-miriam-margolyes-b2203359.html), his attempts to set out his economic strategy were momentarily derailed as the actress Miriam Margolyes told the [Today](https://www.independent.co.uk/topic/today) programme that when she saw him enter the studio she told him: “‘You’ve got a hell of a job, best of luck.’ And what I really want to say was, ‘F*** you, bastard.’” He also refused to commit to the prime minister’s pledged 1p cut in income tax and to raise defence spending to 3 per cent as he admitted that “mistakes” were made in last month’s mini-Budget. [chancellor ](/topic/chancellor) [Jeremy Hunt has ](/topic/jeremy-hunt)said taxes will rise and warned of [“difficult”](/news/uk/politics/liz-truss-press-conference-kwarteng-b2202845.html) [spending cuts](/topic/spending-cuts) ahead, in an extraordinary series of interviews just hours after taking up the post.

Mr Hunt told Sky News that Liz Truss "has recognised" the errors in her mini-budget, adding: "That's why I'm here."

And we have to make sure as we take these very difficult decisions, we're honest with people about the situation we face." Asked if this would mean a return to austerity, he replied: "I don't think we're talking about austerity in the way we had it in 2010. Does this mean pushing back the 2023 cut to the basic rate of income tax? "This is a disaster and the only way to deal with a disaster is a general election and to set our country on a certain path for the next five years." "No chancellor can control the markets, but what I can do is show that we can pay for our tax and spending plans and that is going to need some very difficult decisions." [Hunt warns of 'difficult decisions' - follow politics latest](https://news.sky.com/story/politics-latest-new-chancellor-jeremy-hunt-to-appear-on-sky-news-as-tory-mps-turn-on-beleaguered-liz-truss-politics-latest-12593360)

Kwasi Kwarteng was sacked due to the controversial tax cut plans which led to turmoil in financial markets.

And some taxes will not be cut as quickly as people want, and some taxes will go up. “Spending will not rise by as much as people would like to all government departments are going to have to find more efficiencies than they were planning to. Hunt told Sky News on Saturday in his first full day in the job.

Liz Truss made two big moves on Friday in a bid to calm the markets and save her premiership. The first was to announce that she was ditching plans to ...

Economists, politicians and journalists have been pointing to the fact that Truss would need to find some way to fill the financial blackhole. The new chancellor is ultimately unsackable at least in the medium term given his appointment is meant to prop Truss up. Now the suggestion from Hunt that some taxes will go up and there could be spending cuts in order to balance the books isn't exactly revolutionary. It was viewed as so bad that something needed to change when it came to the government's plans. That is going to mean some very difficult decisions on both spending and tax. The first was to announce that she was ditching plans to cancel the scheduled corporation tax rise.

Mr Hunt denied that the UK was returning to an austerity era, but he did admit that “difficult” decisions needed to be made on spending.

He told Sky News: “We will have some very difficult decisions ahead. So it’s going to be difficult. But as we take those difficult decisions, my priority, our values as a Government, will be to protect families, businesses, who are going through a very challenging time.” "It was a mistake when we’re going to be asking for difficult decisions across the board on tax and spending to cut the rate of tax paid by the very wealthiest. [Kwasi Kwarteng](https://www.stroudnewsandjournal.co.uk/news/23049048.new-chancellor-uk-kwasi-kwarteng-breaks-silence-sacked-liz-truss/) as Chancellor on Friday by Prime Minister [Liz Truss](https://www.thenorthernecho.co.uk/news/national/uk-today/20903652.liz-truss-named-next-prime-minister-uk-beating-rishi-sunak-replace-boris-johnson/) following weeks of fall-out over the mini-budget. [New Chancellor Jeremy Hunt](https://www.bournemouthecho.co.uk/news/national/uk-today/23049073.jeremy-hunt-replace-kwasi-kwarteng-chancellor-say-reports/), has said that mistakes have been made by the government as he indicates that tax rises are on the way.

Jeremy Hunt has told the BBC that his predecessor Kwasi Kwarteng made two mistakes in the mini-budget.

"[Truss] has been prime minister for less than five weeks. [described sacking Mr Kwarteng and scrapping another key economic policy as "difficult"](https://www.bbc.co.uk/news/uk-politics-63261432) and admitted in a short press conference on Friday that "parts of our mini-budget went further and faster" than the markets were expecting. "And it was wrong to fly blind and to announce those plans without reassuring people with the discipline of the Office for Budget Responsibility (OBR) that we actually can afford to pay for them." Addressing mistakes he said were made by the ex-chancellor, Mr Hunt said: "There were two mistakes - it was wrong to cut the top rate of tax for the very highest earners at a time where we're going to have to be asking for sacrifices from everyone to get through a very difficult period. He told BBC Breakfast he was "not going to make any commitments" and reiterated he was just hours into the job. Mr Hunt said he agreed with the prime minister's goal of "solving the growth paradox", but added: "The way we went about it clearly wasn't right and that's why I'm sitting here now."

Newly appointed UK Chancellor of the Exchequer Jeremy Hunt leaves 10 Downing Street in London, Britain, on Oct. 14, 2022. Jeremy Hunt, former foreign ...

Jeremy Hunt, former foreign secretary of the United Kingdom (UK), has been appointed as chancellor of the exchequer, Downing Street said in a statement on Friday. [Contact Us](http://en.people.cn/102840/8347260.html) [Join Us](http://english.people.com.cn/n3/2020/0326/c90000-9672920.html) "As I have said many times in the past weeks, following the status quo was simply not an option. Newly appointed UK Chancellor of the Exchequer Jeremy Hunt leaves 10 Downing Street in London, Britain, on Oct. dollar while the cost of government borrowing and mortgage rates surge.

After being the longest-serving health secretary in British history and stints running the foreign office and culture ministry, Hunt returns from government ...

During a trip to China in July in 2018, he mistakenly described his wife Lucia, who hails from China, as being Japanese. He is best known in Britain, though, for his stint as health minister, a role he held from 2012-2018, longer than any other politician. Ironically, though, while Truss has said she will press ahead with a cut to income tax, Hunt said at the time that could wait. "We need to start up Britain now," he told the Sunday Telegraph when he announced his candidacy. "The appointment of Jeremy Hunt as Chancellor is a wise choice," Conservative lawmaker Bernard Jenkin said on Twitter. Rash talk of ditching the PM, or calls for a general election, will not calm the financial markets."

New chancellor vows to be 'completely honest with country' amid rumours PM has only weeks left in role.

But we are talking about very difficult decisions in budgets where there is already a great deal of pressure.” Hunt, twice a Tory leadership contender and a former foreign secretary, said: “We will have some very difficult decisions ahead. Some taxes will go up … It was a mistake, when we’re going to be asking for difficult decisions across the board on tax and spending, to cut the rate of tax paid by the very wealthiest. “It was a mistake to fly blind and to do these forecasts without giving people the confidence of the Office for [replacing Kwasi Kwarteng](https://www.theguardian.com/politics/2022/oct/14/jeremy-hunt-chancellor-surprising-return) on Friday, the former health secretary signalled he would have a “clean slate” when it came to the budget, and vowed to be “completely honest with the country” amid rumours that Truss has only weeks left as prime minister.

New chancellor says taxes must rise after prime minister Liz Truss failed to reassure markets.

Britain's new finance minister Jeremy Hunt says the country needs stability and that Liz Truss needs time; Ms Truss fired Kwasi Kwarteng as her chancellor of ...

So it's going to be difficult," he said. "There were mistakes. "No chancellor can control the markets.

Mr Hunt confirmed that he has the permission to unpick the mini-budget as he sees fit. Hobbled by U-turns on her flagship policies, Liz Truss has reached for ...

Mr Hunt today wouldn't commit to the 2023 cut in the basic rate of income tax announced just three weeks ago. That is why many in the party are now convinced that Liz Truss will have to go, even if the manner of her exit is still unclear. But then again, there is an argument to be made that Jeremy Hunt - who backed Rishi Sunak - is now more powerful than Liz Truss. This will be compounded by a sense there is now an ideological vacuum at the heart of this government. Jeremy Hunt has confirmed that Prime Minister Liz Truss's economic vision is not only dead, but that the immediate actions of this administration will be to do almost exactly the opposite of what the prime minister promised during the summer leadership campaign. Politically, there is an argument to be made that Jeremy Hunt is now more powerful than the prime minister - and can push through unpopular policies.

Speaking on Radio 4's Today programme, the Harry Potter actress said: “When I saw him there I just said 'you've got a helluva job, the best of…

[new Chancellor conducted his first interview](https://www.bournemouthecho.co.uk/news/national/uk-today/23051141.new-chancellor-jeremy-hunt-hints-tax-rises-coming-amid-very-difficult-decisions/) in his new role on Saturday morning where he suggested that tax rises and 'difficult decisions' could be on the way. “We’ll have to have you out of the studio now.” [Who was Britain's shortest serving Chancellor of the Exchequer?](https://www.thenorthernecho.co.uk/news/national/uk-today/23049197.new-chancellor-uk-shortest-serving-chancellor-exchequer/) [flooded social media in tribute](https://www.glasgowtimes.co.uk/news/national/uk-today/23050692.tributes-paid-star-harry-potter-cracker-robbie-coltrane/) for the late actor who was most famous for his portrayal of the beloved gamekeeper Rubeus Hagrid in the franchise. [What were the roles Robbie Coltrane was known for, as he dies aged 72?](https://www.thetelegraphandargus.co.uk/news/national/uk-today/23050698.robbie-coltrane-roles-made-famous/) [Miriam Margoyles](https://www.thenorthernecho.co.uk/news/23051277.miriam-margolyes-causes-chaos-bbc-radio-4-today-swearing-jeremy-hunt-live-air/) did not hold back in a BBC interview when she met the new [Chancellor Jeremy Hunt](https://www.bournemouthecho.co.uk/news/national/uk-today/23049073.jeremy-hunt-replace-kwasi-kwarteng-chancellor-say-reports/) on the way into the studio.

Actor, 81, told BBC's Today programme she wished him luck in his new job but wanted to say 'Fuck you, bastard'

Webb quickly apologised for the language, adding: “Oh, no, no, no, you mustn’t say that. No, you can’t say that! [added herself](https://www.huffingtonpost.co.uk/entry/victoria-derbyshire-jeremy-hunt-wrong-name_uk_5cfe2cb3e4b02ee34779ee5f) to a long list of presenters who have inadvertently referred to him as “Jeremy Cunt”. [Jeremy Hunt](https://www.theguardian.com/politics/jeremy-hunt) “Fuck you, bastard” after his appearance on BBC Radio 4 just one day after he was [announced as the replacement](https://www.theguardian.com/politics/2022/oct/14/liz-truss-appoints-jeremy-hunt-as-chancellor-after-sacking-kwarteng) for Kwasi Kwarteng. The moment was shared widely on Twitter, including by Dino Sofos, the creator of the BBC’s Brexitcast, who described Margolyes’ comments as “possibly the greatest moment in the Today programme’s history”. [Miriam Margolyes](https://www.theguardian.com/culture/miriam-margolyes) shocked listeners by saying “Fuck you, bastard” about the new chancellor, Jeremy Hunt, live on air on Saturday.

Chancellor says 'difficult decisions' ahead with some departments needing to find savings and some taxes set to rise.

Clung on as they made the pound sink, clung on as they took our pensions to the brink of collapse, clung on as they pushed the mortgages and bills of the British people through the roof. We need to be prepared, disciplined, relentlessly focused on the future, spend each day working to earn the trust of the British people, provide the leadership this country so desperately needs and walk towards a better future. British power to the British people. That’s why we struggle for growth – we lock too many communities out of the wealth we create, create too many jobs that are low paid and insecure. A publicly owned company that takes advantage of the opportunities in clean British power and turns them into good, secure, high-paid British jobs. And driving us forward will be a goal that puts us ahead of any major economy in the world: 100% clean power by 2030. All of the pain our country faces now is down to them. In Batley and Spen, where we beat back the forces of division with Kim Leadbeater. We must be the party of sound money. “No doubt we will hear plenty of laughable excuses in the coming days. For some, the whole project was supposed to be a celebration of Britain’s departure from the EU. This region is also important to this Labour party and our shared journey, from the pain of defeat four times, to a moment where the prospect of serving our country again no longer looks impossible.

Miriam Margolyes has told how she wanted to swear at new Chancellor Jeremy Hunt when she met him in a BBC radio studio just a day after he took up his ...

No, you can't say that!" What I really wanted to say (was) 'f*** you, you bastard' but you can't say that." Webb quickly apologised for the language, adding: "Oh, no, no, no, you mustn't say that.

The actress told the BBC's Today programme she greeted the new chancellor, but wanted to say something else.

"Oh, no, no, no, you mustn't say that. No, you can't say that!" "Miriam Margolyes" was trending on Twitter after the show, with people sharing clips of the radio interview.

The new chancellor has junked the prime minister's economic strategy in 24 hours, writes Laura Kuenssberg.

One former minister said there had been a "total seepage of power and authority" and she is on her way out in either weeks or months. Believe the polls and Ms Truss' start in office has been an epic disaster from which it is hard to see a return. Boris Johnson and Theresa May survived far, far longer than many of their colleagues had hoped. But that arithmetic won't be pretty - public spending cuts are on the way and taxes could rise too. And yet, very often, it does. But has she killed off what political authority she had left and handed it to someone else?

The situation for the UK prime minister is dire, but is it hopeless? Having Jeremy Hunt in No. 11 Downing Street could still save her.

Although he is a free-marketeer by conviction, a big plus point for Hunt is that he gets the importance of empathy. Contrast that with Truss’s failure to acknowledge the cost to homeowners of the soaring mortgage bills that followed the mini-budget. Previously, he was editor of the Sunday Times of London and its chief political commentator. The government has a maximum of two years before its allotted time is up, but the prime minister may struggle to survive her MPs’ displeasure until next month. The prime minister is now surrendering the major planks of her libertarian program. Although another leadership putsch would install the fifth Tory prime minister in six years, fear of electoral oblivion is driving the parliamentary party to contemplate desperate measures. Has the prime minister too become a figurehead? The markets had already baked in surrender. Unlike Wilson and Major, who had earlier triumphed at the polls, this prime minister has no electoral mandate for her libertarian prospectus. Harold Wilson, the UK’s most economically literate prime minister since World War II, for instance, wasted enormous political capital defending the value of the pound. On Friday, the prime minister duly performed her screeching U-turn but refused to resign. The situation is dire, but is it hopeless?

Tax-cut U-turns won't be enough to balance the books, so the new chancellor will look at cutting public service budgets. But there is an alternative.

There is a way out for Hunt, at least in the short term. The health service, social care, the defence budget and education were going to be protected under Sunak’s tax raising plans. This would protect disabled people and others who might lose out under such a scheme. Jeremy Hunt is unlikely to give his name to a new economic model or ground-breaking method of boosting growth. [Kwasi Kwarteng](https://www.theguardian.com/politics/kwasi-kwarteng) in his mini-budget, will go ahead as the first of many policy U-turns to be announced in a full-scale budget a fortnight tomorrow. [Office for Budget Responsibility](https://www.theguardian.com/business/office-for-budget-responsibility), the Treasury’s independent forecaster, will want to see a much larger shift in policy to close a £60bn gap in public spending that has opened up since it last judged the government’s finances back in March.

Analysis: Ex-foreign secretary once seen as yesterday's man is now in best position to influence prime minister. Jeremy Hunt arriving in Downing Street ...

In his brief election bid, he proffered himself as the biggest advocate of tax cuts to get the economy moving. If he can assuage the markets, it will be Hunt as a competent chancellor, not Downing Street, who takes the credit. Nor would not have proposed any tax cuts in the absence of an Office of Budget Responsibility-endorsed deficit reduction plan. His friends say he felt he had no option, in the national and Conservative interest, but to see if something could be saved from the wreckage – and if it emerges no rescue is possible, little blame will be attached to him. It seemed a poor return for a man who had put in a credible challenge against Johnson in 2019, and had then sounded like a voice of rationality during the Covid outbreak as chair of the health and social care select committee. He has turned down unenviable cabinet job offers before – rejecting the post of defence secretary when offered by Boris Johnson, after losing the Tory leadership race to Johnson in 2019.