© Reuters. FILE PHOTO: Britain’s Chancellor of the Exchequer Jeremy Hunt walks outside his house in London, Britain, October 18, 2022. REUTERS/Toby Melville//File Photo
By William Schomberg
LONDON (Reuters) -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.
Truss’s “mini-budget” in September set off a bond market slump that sent borrowing costs soaring and ultimately forced her to step down.
“This is going to be a big moment of choice for the country and we will put people ahead of ideology,” Hunt told the Sunday Times in…
