UK Treasury chief in position of power as PM Truss struggles
As British Prime Minister Liz Truss struggles to retain her authority, one man is seen to be in the real position of power to restore order and credibility to the Conservative government and limit the damage caused by Truss’ economic plans
LONDON (AP) — As British Prime Minister Liz Truss struggles to retain her authority, one man is seen to be in the real position of power to restore order and credibility to the Conservative government and limit the damage caused by Truss’ economic plans.
Jeremy Hunt, named Britain’s new Treasury chief three days ago, on Monday sought to calm jittery markets and angry Conservative lawmakers as he announced he was reversing the bulk of Truss’ tax-cutting economic stimulus package, which has left the U.K. in political and financial chaos since it was unveiled three weeks ago.
Hunt, 55, on Friday became the U.K.’s fourth Treasury chief this year after Truss fired his predecessor, Kwasi Kwarteng, and ditched her pledge to scrap a planned increase in the corporation tax, a key plank of her tax-slashing plans.
A veteran Cabinet minister, Hunt has served in top government posts including foreign secretary and health secretary. He is seen as a centrist among Tories and considered an experienced “safe pair of hands” to steer the government through its current self-inflicted crisis.
