UK finance minister Hunt warns some taxes will rise as difficult decisions loom
October 15, 2022, 10:00 am

UK finance minister Hunt warns some taxes will rise as difficult decisions loom

Britain’s finance minister Jeremy Hunt - Photo. Jeremy Hunt @Jeremy_Hunt

Britain’s new finance minister Jeremy Hunt said on Saturday (Oct 15) that some taxes will go up and government spending will rise by less than previously planned as difficult decisions will have to be taken to restore Britain’s fiscal credibility.

“We will have some very difficult decisions ahead,” Hunt, appointed on Friday (Oct 14) after Kwasi Kwarteng was sacked in the fallout of a disastrous fiscal statement last month, said.

He told Sky News: “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. And some taxes will not be cut as quickly as people want, and some taxes will go up. So it’s going to be difficult.”

British Prime Minister Liz Truss on Friday (Oct 14) scrapped another key tax-cutting policy after firing her finance minister, in a bid to placate markets after the government’s controversial “mini-budget.”

Outdoor market in London, UK (Photo: Pixabay)

“It is clear that parts of our mini-budget went further and faster than markets were expecting,” Truss said in a brief press conference.

Truss scrapped the pledge to reverse predecessor Boris Johnson’s hike of corporation tax from 19% to 25%, a decision estimated to restore around £18 billion ($20.1 billion) to the U.K. Treasury’s coffers by 2026.

UK PM Liz Truss under pressure to ditch economic plan

Finance Minister Kwasi Kwarteng was fired earlier on Friday after less than six weeks in the job, amid mounting political pressure and market chaos.

Jeremy Hunt — a former health secretary and foreign secretary — was announced as Kwarteng’s successor. Chris Philp, chief secretary to the U.K. Treasury, was also replaced by Edward Argar.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
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For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”