UK Braces for Sudden Return of Austerity as Hunt Demands Savings
- Manifesto pledges at risk include state pension guarantee
- Dramatic shift likely to anger voters after market turmoil
Jeremy Hunt
Photographer: Carlos Jasso/BloombergThis article is for subscribers only.
Liz Truss’s UK government has raced from massive tax cuts and stimulus to what is effectively austerity 2.0 in a matter of days.
All government departments are being told to find savings, which outside of health and defense are expected to be as much as 15% of budgets, people familiar with the matter said. No options are off the table and new Chancellor of the Exchequer Jeremy Hunt has even refused to guarantee he will stick to a key Conservative Party manifesto pledge to raise the state pension in line with the highest of inflation, wages or 2.5% -- known as the “triple lock.”