- Jeremy Hunt has also admitted that they will not lower taxes as much as expected and "some will have to go up".

New UK Finance Minister Jeremy Hunt and British Prime Minister Liz Truss.

The new British finance minister acknowledges "mistakes" in Truss' economic management

The new UK Finance Minister, Jeremy Hunt, has acknowledged that the Government made several "errors" in the management of the tax reform that the Prime Minister, Liz Truss, has had to correct twice and that it has cost her the position to the previous financial manager, Kwai Kwarteng.

Hunt, who this Friday assumed the position in substitution of Kwarteng, has recognized this Saturday in interviews with the BBC and Sky News that "there were two mistakes". He believes that the Executive "was wrong" to reduce the income tax for large fortunes from 45 to 40% and also to announce these plans without the prior endorsement of the Office of Budget Responsibility.

The collapse of the markets and the pound led Truss to initially cancel the tax cut for an annual income of more than 150,000 pounds and, on Friday, to maintain the increase in corporate tax -from 19 to 25%-, as agreed by the previous government, headed by Boris Johnson.

"Taxes are not going to go down as much as people expected and some taxes will have to go up," Hunt admitted, just one day after Truss publicly recalled that he ran in the last Conservative primaries with a clear commitment to "fiscal discipline" which contemplated, among other issues, tax reductions.

Hunt, who wants to be "completely honest with the country," has admitted that "very difficult decisions" lie ahead.

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