Government can’t subsidise energy bills ‘indefinitely’, says Jeremy Hunt ahead of budget – Yahoo News UK

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Jeremy Hunt has warned the Government cannot subsidise energy bills “indefinitely” as he spoke of “horrible decisions” in next week’s budget.
Speaking in an interview with the Sunday Times, the Chancellor said there would be no “rabbits” pulled out of hats in Thursday’s budget, and added it was “not possible” to support people’s energy bills indefinitely.
The energy support guarantee, which guarantees the average bill would not be higher than £2,500, had been due to last for two years, but under plans announced by Jeremy Hunt it is due to end in its current form in April next year.
It is not yet clear what level of support will replace it.
He told the paper: “In the end, if we want to be a low-tax economy we’ve got to find a way of not ending up with an entire second NHS in terms of the cost of our energy bills… which will drag down growth and so… that is something that you can expect to hear a lot about when I stand up [on Thursday].”
According to reports, Mr Hunt is mulling some £35bn in spending cuts and some £20bn in tax revenue to plug an estimated £55bn black hole in the public finances.
The Chancellor did not confirm specific measures he would take in Thursday’s budget, but told the Sunday Times: “I’m Scrooge who’s going to do things that make sure Christmas is never cancelled.
“But I hope that people will understand that there’s going to be some very horrible decisions in order to get us back into the place where we are the fantastic country that we all want to be.”
Mr Hunt was appointed Chancellor under Liz Truss as her disastrous ‘mini budget’ unravelled, with many of its flagship measures junked in the following weeks.
However, he said that Ms Truss and the former Chancellor, Kwasi Kwarteng, had been correct to go for growth, despite mistakes made.
“The tragedy is that Liz and Kwasi were absolutely right that if we’re going to pay for the NHS and good public services, we have to unlock the growth paradox in this country,” he said.
In a reference to Matt Hancock, the former Health Secretary who is competing on I’m A Celebrity, Mr Hunt said: “I think eating testicles in the jungle is literally the only job in the world that’s worse than mine.”
Speaking on Friday, Mr Hunt said he will be working to make a possible recession “shallower and quicker” in his highly anticipated autumn budget.
The UK economy shrank between July and September, with the Bank of England predicting a “very challenging” two-year recession.
The Prime Minister said his Chancellor will unveil measures on Thursday that will ‘deliver on the expectations of international markets’.
The Prime Minister said Chancellor Jeremy Hunt will unveil measures on Thursday that will ‘put our public finances on a sustainable trajectory’.
THE economist behind a report on currency ‘buried’ by the Scottish Government’s junior partner has warned independence could cost households a fifth of their income.
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The festive season began in Manhattan on Saturday, November 12, as the Rockefeller Center Christmas tree arrived to the area from Queensbury, New York.According to the Rockefeller Center website, the tree is 82 feet tall and weighs 14 tons. The Norway spruce, believed to be about 85 to 90 years old, was donated by the Lebowitz family, the Glens Falls Chronicle reported.Footage captured by Nollaig O’Connor shows the tree lying outside the Rockefeller Center and being prepared to be hoisted by crews.The tree lighting ceremony will take place on November 30, the Rockefeller Center said. Credit: Nollaig O’Connor via Storyful
Jeremy Hunt warns ‘we’re all going to be paying more tax’
The Chancellor has promised a ‘rabbit-free budget’ prioritising ‘honesty’ and ‘sound money’.
Ofgem's failure to effectively regulate energy suppliers since 2018 has "come at a considerable cost" to British households, a watchdog report has found. The Public Accounts Committee (PAC) said the energy regulator did not tighten requirements for new suppliers until 2019, or for existing suppliers until 2021, despite issues with the financial resilience of energy retailers emerging in 2018 and prices of wholesale gas and electricity soaring to unprecedented levels. The committee's report said around 29 energy suppliers have failed since July last year, which has subsequently affected some four million households.

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