Just over a year ago, Jeremy Hunt presented his first Autumn Statement in the wake of a financial crisis created by his predecessor’s ‘mini-Budget’. Last November, the newly installed Chancellor was able to push through tax increases with relative ease: reclaiming the mantle of fiscal responsibility was of key importance for his fellow MPs. Twelve months on, the financial and political environment is rather different.
The UK has recovered some of the market credibility it lost in 2022 and a general election is now fourteen months away, at most. In the weeks before the Autumn Statement there had been a growing rumble among some of Mr Hunt’s colleagues for tax cuts and, from a few, a call for a reshuffle that introduces a new, less fiscally strict Chancellor. However, for the time being, Mr Hunt looks relatively safe in his post, given that there have already been five residents of 11 Downing Street in this parliament and that he survived the latest reshuffle.
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