Economy

UK cannot spend what it does not earn and will pay debts, says minister

UK Finance Minister Jeremy Hunt said the country understands that it cannot “spend what we don’t earn and we’re going to pay our debts”. The speech, referring to the debt of 133 billion pounds to the Bank of England, was made this Wednesday (23), during a sabbath at the Treasury Committee.

Hunt stressed that he considers himself “a conservative who believes in tax cuts” and has justified recent government spending “as tough decisions”, for example the implementation of £5 billion in welfare. “The best way to reduce government spending is to reduce inflation”, he opined.

He also defended himself against criticism of his position on close relations with the European Union, stating that the government disregards any movement that moves away from the Trade and Cooperation Agreement and the sovereignty of the United Kingdom, and also defended the independence of the Bank of England , including the transition from quantitative easing (QE) for the quantitative tightening (QT).

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