Chancellor-Financial Pic Worse Now Than In Spring '23

Comments from Chancellor of the Exchequer Jeremy Hunt emerging as he speaks to broadcasters at the World Bank/IMF meetings in Marrakesh, Morocco. States that the "Financial picture now is worse than in the spring of 2023". Hunt says the 22 November Autumn Statement will be "balanced with auction about the international situation".

• Hunt: "Reason for deteriorated fiscal situation is due to higher rates, higher debt payments..."
• Hunt: "I don't believe that increased tax burden in recent years in permanent."
• Hunt: "Important for markets to see that there is a plan to bring down Britain's debt over the medium term...I need to show in Autumn Statement that there is a path to lower taxation...Autumn statement will lay out a plan to get out of low-growth trap."
• The Chancellor remains in a difficult political position. With the governing centre-right Conservatives trailing in opinion polls, there is a feeling among some of the party's MPs that the gov't should enact tax cuts, both from an ideological and a political expediency standpoint. However, Hunt has sought to portray his tenure at the Treasury as one of putting long-term stability ahead of short-term political gains and as such any notable shifts in tax policy in the Autumn statement appear unlikely.