British finance minister Jeremy Hunt said he will have to raise taxes in next week's budget plan in order to fix the public finances and soften a potentially long recession, a newspaper quoted him as saying on Saturday.
Hunt is trying to restore Britain's credibility among investors in the first budget plan since Rishi Sunak replaced Liz Truss as prime minister last month with a vow to undo her economic policy mistakes, chiefly a series of unfunded tax cuts.
"You’re going to have a Conservative chancellor who is putting up taxes that, you know, go against the very reason that he went into politics," he said, adding: "you have to do what is right for the country and the situation that we’re in and unfortunately that does mean tax rises." “What I can promise people is that I will be honest about the scale of the problem, and fair in the way that I address those problems, and yes, that does mean that people with the broadest shoulders will bear the heaviest burden," he said.
Hunt said he would seek to work in cooperation with the BoE to control inflation and the global rise in interest rates, which is adding to the strains on Britain's economy.
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