The new chancellor warns of 'very difficult decisions' as he heads to Chequers to hold talks with the PM.
"Taxes are not going to come down by as much as people hoped, and some taxes will have to go up," the chancellor told BBC Radio 4's Today programme. "I'm going to be asking all government departments to find additional efficiency savings."that Mr Hunt planned to delay by a year a 1p cut to the basic rate of income tax - a flagship part of the 23 September mini-budget.
In his latest statement, released on Saturday night, Mr Hunt said: "My focus is on growth underpinned by stability. The drive on growing the economy is right - it means more people can get good jobs, new businesses can thrive and we can secure world class public services. But we went too far, too fast.
There will be a budget at the end of the month that needs to convince financial markets and prove politically palatable to a fuming, mutinous Tory party. One former minister predicted Ms Truss would be gone within weeks - but for now, she limps on, hoping the current turmoil subsides.warned that interest rates may need to be raised"As things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in August," Mr Bailey said in Washington, less than three weeks before the Bank's monetary policy committee is due to meet.
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