Jeremy Hunt, chancellor, confronted the fiscal “storm” battering Britain on Thursday, announcing £55bn of tax rises and spending cuts intended to restore the country’s reputation and shore up its frail balance sheet.
Two months after Kwasi Kwarteng, his predecessor, sparked market panic with a “mini” Budget that included £45bn of unfunded tax cuts, Hunt’s Autumn Statement turned Tory economic policy on its head.
While Kwarteng announced the largest tax-cutting Budget for 50 years Hunt presided over the biggest tax-raising effort for 30 years outside the period of the pandemic, according to data from the Office for Budget Responsibility.
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