Chancellor of the exchequer Jeremy Hunt revealed plans for a new economic advisory council along with confirmation of a roll back of most of the tax measures announce by predecessor Kwasi Kwarteng.
This afternoon, Hunt told the House of Commons that he wanted more independent expert advice as he took up his role of chancellor.
He revealed with council will advise the government on economic policy and will include Rupert Harrison, former chief of staff to George Osborne when he was chancellor of the exchequer.
Three other members also announced were Gertjan Vlieghe of Element Capital, Sushil Wadhwani of Wadhwani Asset Management and Karen Ward of JP Morgan.
Hunt also acknowledged the lack of an OBR (Office for Budget Responsibility) forecast alongside the mini-budget last month caused much of the economic “difficulties” seen since.
And he acknowledged the importance of the independence of the OBR and Bank of England, two establishments which have been criticised by some Conservative MPs in recent weeks.
But Hunt also highlighted there would likely be cuts to public spending and services to come.
“There remain many difficult decisions to be announced in the medium-term fiscal plan on October 31st, when I confirm that we will publish a credible, transparent, fully costed plan to get debt falling as a share of the economy over the medium term based on the judgement and economic forecasts of the independent Office for Budget Responsibility,” he said.
“I would like to thank the OBR, whose director Richard Hughes I met this morning, and the Bank of England whose Governor Andrew Bailey I have now met twice.
“I fully support the vital, independent roles both institutions play, which give markets, the public, and the world confidence that our economic plans are credible, and rightly hold us to account for delivering them.”
