FX Market Commentary: Bob Iaccino, 10/14/22

tweet at 3:17am: UK FINANCE MINISTER HUNT: SAYS I'M LEAVING OPEN ALL POSSIBILITIES WHEN ASKED ABOUT GOVERNMENT SPENDING - Reuters via https://t.co/ymHY6xloQb tweet at 3:19am: UK FINANCE MINISTER HUNT: HOPE TO KEEP PLANNED CUT TO INCOME TAX, BUT CANNOT COMMIT TO IT - Reuters via https://t.co/ymHY6x4lOb tweet at 3:20am: UK FINANCE MINISTER HUNT: DOESN'T WORK TO FUND TAX CUTS THROUGH BORROWING AND DEBT - Reuters via https://t.co/ymHY6x4lObUK’s Hunt Sees ‘Difficult Decisions Ahead’ on Tax and Spending Chancellor of the Exchequer Jeremy Hunt said the UK faces tough choices on tax and spending, as he seeks to calm financial markets with a marked change of economic direction following weeks of chaos triggered by his predecessor and Prime Minister Liz Truss. “Spending will not go up as much as people want and there’ll be more efficiencies to find,” Hunt said Saturday in a Sky News interview. “We won’t have the speed of tax cuts we’re hoping for and some taxes will have to go up -- that’s the reality of the very challenging situation we face.” Hunt replaced Kwasi Kwarteng in charge of the UK’s purse strings on a dramatic Friday, which saw Truss fire her longstanding ally and make another major U-turn on her economic strategy in a desperate bid to keep her job. Desperate Bid to Save UK Premiership Lands Truss in More Trouble