London Daily

Focus on the big picture.
Wednesday, Sep 17, 2025

Jeremy Hunt announces new economic council to provide government with 'expert advice'

Jeremy Hunt announces new economic council to provide government with 'expert advice'

Jeremy Hunt announced the formation of a new economic council as he addressed MPs in the Commons after reversing almost all of Liz Truss' tax cuts.

Jeremy Hunt has announced he is creating an economic advisory council to assist the government as it seeks to repair the damage caused by last month's mini-budget.

The council's membership will include Rupert Harrison, who was chief of staff to former chancellor George Osbourne during the austerity era of 2010-2015, and Karen Ward, who advised former chancellor Philip Hammond after Brexit, and now works for investment bank JP Morgan.

Announcing the measure in the Commons, the new chancellor said the group will provide "more independent expert advice" to ministers.

The Liberal Democrats said the panel should be made up of housing and debt charities instead of only asset managers.

The panel will also feature two former members of the Bank of England's monetary policy committee: Gertjan Vlieghe, who is now chief economist at US hedge fund Element Capital, and Sushil Wadhwani, chief investment officer for asset management company PGIM Wadhwani.

Sarah Olney, the Lib Dem Treasury spokeswoman, said: "An advisory panel of purely wealthy asset managers in the middle of a cost-of-living crisis proves just how out of touch this Conservative government is."

Mr Hunt made the announcement in the Commons hours after tearing up the bulk of the economic strategy that brought Liz Truss into office as prime minister six weeks ago.

The prime minister was in the chamber for around half an hour as he spoke, after ducking an urgent question from Labour earlier.

Hinting at a potential further U-turn as he took questions from MPs for two hours, Mr Hunt also said he is "not against the principle" of windfall taxes - something Ms Truss was opposed to.

Responding to a question from Lib Dem leader Sir Ed Davey, he said: "I am not against the principle of taxing profits that are genuine windfalls.

"We have said that nothing is off the table."

In a further diversion from Ms Truss' policies, Mr Hunt failed to commit to spending 3% of GDP on defence - a key pledge made by the prime minister during the Conservative leadership race.

He also failed to promise the triple pension lock will stay - a policy that formed part of the Conservative's 2019 manifesto - and failed to guarantee benefits will increase in line with inflation.

Mr Hunt said he is not making "firm commitments" on any individual elements of tax and spending.

"I'm not making any commitments on any individual policy areas, but every decision we take, will be taken through the prism of what matters most, to the most vulnerable," he said.

Mr Hunt was in the Commons to set out further details of his economic plan, after reversing "almost all" of his predecessor's tax cuts and scaling back the energy bills freeze package.

The changes Mr Hunt has announced include:

*  No cuts to dividend tax rates

*  Repeal of the easing of IR35 rules for the self-employed introduced in 2017 and 2021

*  No new VAT-free shopping scheme for overseas visitors to the UK

*  No freeze on alcohol duty rates

*  Basic rate of income tax to remain at 20%, not reduce to 19% from April 2023

*  Energy price guarantee only until April 2023.

He told MPs growth requires "confidence and stability".

Tories are 'out of credibility and out of chancellors'


Shadow chancellor Rachel Reeves warned the "damage has been done" despite the "humiliating U-turns".

She said of Mr Hunt: "The fourth in four months of chaos and fiasco as this Conservative Government spirals down the political plughole. But the damage has been done.

"This is a Tory crisis made in Downing Street but ordinary working people are paying the price.

"The Tories have run out of credibility and now they are running out of chancellors."

Ms Truss became prime minister after winning the Tory leadership contest on the back of promises to dramatically cut tax and upend the status quo in the Treasury.

But Ms Truss and Kwasi Kwarteng's tax-slashing mini-budget unleashed turbulence in the financial markets, leading to Mr Kwarteng's dramatic sacking as chancellor and the installation of Mr Hunt in an effort to reassure investors.

Truss's position 'is untenable'


Some Tory MPs are now calling for Ms Truss to go, with senior Conservative MP Sir Charles Walker telling Sky News' political editor Beth Rigby: "I think her position is untenable."

However, Mr Hunt has told Sky News he believes Ms Truss will still be PM at Christmas and Tory MPs plotting to oust her should give her a chance.

Newsletter

Related Articles

0:00
0:00
Close
Effective and Impressive Generation Z Protest: Images from the Riots in Nepal
European manufacturers against ban on polluting cars: "The industry may collapse"
Sam Altman sells the 'Wedding Estate' in Hawaii for 49 million dollars
Trump: Cancel quarterly company reports and settle for reporting once every six months
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
US Launches New Pilot Program to Accelerate eVTOL Air Taxi Deployment
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Hong Kong Industry Group Calls for HK$20 Billion Support Fund to Ease Property Market Stress
Joe Biden’s Post-Presidency Speaking Fees Face Weak Demand amid Corporate Reluctance
Charlie Kirk's murder will break the left's hateful cancel tactics
Kash Patel erupts at ‘buffoon’ Sen. Adam Schiff over Russiagate: ‘You are the biggest fraud’
Homeland Security says Emmy speech ‘fanning the flames of hatred’ after Einbinder’s ‘F— ICE’ remark
Charlie Kirk’s Alleged Assassin Tyler Robinson Faces Death Penalty as Charges Formally Announced
Actor, director, environmentalist Robert Redford dies at 89
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
JD Vance Says There Is “No Unity” with Those Who Celebrate Charlie Kirk’s Killing, and he is right!
Trump sues the 'New York Times' for an astronomical sum of 15 billion dollars
Florida Hospital Welcomes Its Largest-Ever Baby: Annan, Nearly Fourteen Pounds at Birth
U.S. and Britain Poised to Finalize Over $10 Billion in High-Tech, Nuclear and Defense Deals During Trump State Visit
China Finds Nvidia Violated Antitrust Laws in Mellanox Deal, Deepens Trade Tensions with US
US Air Force Begins Modifications on Qatar-Donated Jet Amid Plans to Use It as Air Force One
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
Elon Musk Retakes Lead as World’s Richest After Brief Ellison Surge
U.S. and China Agree on Framework to Shift TikTok to American Ownership
London Daily Podcast: London Massive Pro Democracy Rally, Musk Support, UK Economic Data and Premier League Results Mark Eventful Weekend
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Musk calls for new UK government at huge pro-democracy rally in London, but Britons have been brainwashed to obey instead of fighting for their human rights
Elon Musk responds to post calling for the murder of Erika Kirk, widow of Charlie Kirk: 'Either we fight back or they will kill us'
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
USA: Office Depot Employees Refused to Print Poster in Memory of Charlie Kirk – and Were Fired
Proposed U.S. Bill Would Allow Civil Suits Against Judges Who Release Repeat Violent Offenders
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
French Debt Downgrade Piles Pressure on Macron’s New Prime Minister
US and UK Near Tech, Nuclear and Whisky Deals Ahead of Trump Trip
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
Anesthesiologist Left Operation Mid-Surgery to Have Sex with Nurse
Tens of Thousands of Young Chinese Get Up Every Morning and Go to Work Where They Do Nothing
The New Life of Novak Djokovic
The German Owner of Politico Mathias Döpfner Eyes Further U.S. Media Expansion After Axel Springer Restructuring
Suspect Arrested: Utah Man in Custody for Charlie Kirk’s Fatal Shooting
In a politically motivated trial: Bolsonaro Sentenced to 27 Years for Plotting Coup After 2022 Defeat
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Turkish authorities seize leading broadcaster amid fraud and tax investigation
×