Hunt Set to Pitch Spending Cuts, Tax Increases as UK Faces ‘Into the Storm’
- Chancellor expected to unveil £55 billion of savings Thursday
- Fixing problems ‘depends on taking difficult decisions now’
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Chancellor of the Exchequer Jeremy Hunt faces a clear yet far from straightforward task Thursday: reassure markets he can stabilize UK public finances, but without inflicting devastating damage on public services.
If he gets it wrong during his statement to the House of Commons, Hunt risks putting the Conservatives on course for a seismic loss at the next general election, which is due in about two years at the latest. Britons facing a record squeeze on living standards and seeing the National Health Service in crisis would be unlikely to forgive the Tories, who have been in power since 2010.