Chancellor: I was ‘wrong’ on taxes during election

Jeremy Hunt apologises for ‘mistakes’ after admitting he should have done more to prepare for the Autumn Statement

The Chancellor has admitted he made “mistakes” during the election campaign and should have done more to prepare for the Autumn Statement.

In an interview with the BBC, Jeremy Hunt said he was “wrong” to rule out tax rises and spending cuts in the run-up to the election. He said he had “underestimated” the scale of the fiscal challenge facing the UK. “I should have been more honest with people,” he said. “I should have said that there were going to have to be some tax rises and spending cuts.” Hunt’s admission comes ahead of the Autumn Statement, which is due to be delivered on 17 November. The statement is expected to include a range of tax rises and spending cuts as the government seeks to reduce the UK’s budget deficit. Hunt said he knew the Autumn Statement would be “difficult” but insisted that it was necessary to “restore stability” to the UK economy. “We have to make some tough choices,” he said. “But I believe that these choices are in the best interests of the country.” Hunt’s admission is a significant U-turn. During the election campaign, he repeatedly ruled out tax rises and spending cuts. He also pledged to cut taxes by £30bn. However, the economic outlook has deteriorated significantly since then. The Office for Budget Responsibility (OBR) has warned that the UK is facing a £30bn black hole in its public finances. The OBR has also said that the UK economy is likely to grow by just 1.4% next year, down from a previous forecast of 2.1%. Hunt said he had “underestimated” the scale of the fiscal challenge facing the UK. He said he had “made mistakes” and that he was “sorry” for them. “I should have been more honest with people,” he said. “I should have said that there were going to have to be some tax rises and spending cuts.” Hunt’s admission is a sign of the difficult challenges facing the UK government. The government is trying to reduce the UK’s budget deficit while also trying to protect public services. This is a difficult balancing act and it is likely to lead to some tough choices in the Autumn Statement.