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According to reports, it has been communicated to Chancellor Jeremy Hunt that he will not be replaced until at least the spring, despite rumors that he may be fired during Rishi Sunak’s upcoming cabinet reshuffle.
There had been increasing rumors in Westminster that Mr Hunt may face consequences due to cabinet revisions – with some members of the Conservative party urging the PM to remove his “uninspiring” chancellor.
However, it seems as though Downing Street wants to suppress reports about a potential removal of Mr. Hunt in an effort to revitalize his struggling government. They are insisting that he will still be in charge of the Treasury to present the Budget in March of 2024.
According to a source from No 10, both the chancellor and the PM are collaborating closely in efforts to decrease inflation and create a strong economy for the future.
They stated that the chancellor will give the autumn statement in a couple of weeks and the budget in the upcoming spring.
It is believed that Mr. Sunak has chosen to keep Mr. Hunt as the most suitable candidate for repairing the chaos caused by Liz Truss and Kwasi Kwarteng’s failed mini-budget from the previous year.
It is highly anticipated that Mr. Hunt will disappoint numerous Conservative MPs by declining to implement tax cuts during the autumn statement in the upcoming month.
In his statement last month, he stated that it would be challenging to implement major tax cuts in 2023. His current focus is on balancing the budget in order to effectively control inflation.
Conservative moderates faced backlash from the right-wing following their losses in the Tamworth and Mid Bedfordshire by-elections.
Hunt presented the 2023 Budget in an effort to restore order following the Truss disaster.
A member of the Conservative party stated to the Mail that Mr Hunt is not acting as a typical Tory chancellor and suggested that Mr Sunak should have the bravery to remove him due to his unremarkable and cautious nature.
Almost 40 Tory MPs and peers have signed ex-chairman Jake Berry’s pledge to vote against the autumn statement if Mr Hunt increases “the overall tax burden”.
It is rumored that Mr. Sunak may choose to dismiss Mr. Hunt prior to the anticipated general election in autumn of 2024.
Claire Coutinho, a close ally of the PM and the secretary for net zero, is likely to be chosen as the top candidate for the role if No 10 wants to provide a sense of rejuvenation before the election.
Next week, the Office for Budget Responsibility (OBR) will release its most recent predictions. Some members of the government are hopeful that the projections will be positive enough to start discussing tax reductions prior to the upcoming election.
Mr. Hunt has denied speculation that he will leave parliament by resigning from his Surrey seat in the upcoming election.
The chancellor declared his determination to secure victory in Godalming & Ash, as changes are made to the boundaries in South West Surrey. This seat, known as the “blue wall” and currently held by a majority of 9,000, continues to be a key target for the Liberal Democrats.
According to the recent YouGov poll, approximately 70% of voters believe that Mr. Sunak’s performance on the economy, cost of living crisis, and the NHS is poor.
Source: independent.co.uk
