UK Chancellor of Exchequer Jeremy Hunt to make emergency statement at House of Commons to stabilize market

Newly appointed Chancellor of the Exchequer in the UK Jeremy Hunt is touted to make an emergency statement to the House of Commons on Monday. The emergency statement comes as a bid to stabilize the worsening financial markets. After PM Liz Truss sacked Kwasi Kwarteng in her fight for survival, Jeremy Hunt was appointed as the new Chancellor.

Following the announcement of the mini-budget last month, PM Liz Truss and the former finance minister Kwasi Kwarteng had been under fire from the opposition and the Tories.





PM Liz Truss fired Kwarteng after speculations of her ouster gained traction and brought Jeremy Hunt for damage control. The new finance minister has overturned most of his predecessor’s programs and is expected to revise the mini-budget through a Treasury statement to the Commons and the television.

The complete Commons statement would take place around 3.30 pm, during which Jeremy Hunt is expected to roll back the controversial tax cuts and other measures Kwarteng proposed in the mini-budget.

The amount in the introductory tax rate by 1% is also likely to be taken down. The radical damage control measures indicate the panic within the Truss government.

Jeremy Hunt has been made the only one authorized to speak on economic issues, with no other minister giving bytes to TV and radio on Monday. Hunt stated at 6 am that he would be placing measures to support financial sustainability.

FAQs

When did Jeremy Hunt become the finance minister?
Hunt became the new Chancellor to the Exchequer on October 14, after PM Truss fired Kwarteng.

When will the full Common statement take place?
The full Commons statement would take place around 3.30 pm, after a Treasury statement to the Commons and the TV.