UK’s Jeremy Hunt: Many difficult decisions to be announced

The new British Finance Minister Jeremy Hunt is speaking before the House of Commons following the Leader of the House Penny Mordaunt.

Earlier on Monday, Hunt announced the UK government will reverse almost all tax measures announced on the mini-budget. Speaking to MPs, UK Finance Minister said that there are still difficult decisions to be announced in the medium-term fiscal plan on October 31.

The pound is among the top performers on Monday, with the GBP/USD pair up by more than 200 pips. It peaked at 1.1438, namely the highest level since October 5, and the pair is still near the high, above 1.1400. EUR/GBP dropped to the lowest level in five weeks.

Hunt announced that an economic advisory council is being formed. “I want independent expert advice.” He mentioned that they need to do more in order to give certainty to markets.