london britains new finance minister on saturday warned of looming tax hikes as he admitted to mistakes made in a disastrous budget that still threatens to bring down prime minister liz trusstruss fights for survival the times newspaper headlined a day after she forced chancellor of the exchequer kwasi kwarteng to carry the can for market turmoil sparked by their budget on september 23the times telegraph and other newspapers reported that senior conservative members of parliament were still plotting to unseat truss possibly within days aghast at the partys collapse in opinion polls since she replaced boris johnson on september 6new chancellor jeremy hunt a former foreign secretary seen as a tory centrist made clear he was ripping up the strategy that brought truss to 10 downing streetthere were mistakes acknowledged hunt whom one ally called the governments new chief executive with truss now relegated to the role of backseat chairwomanhunt said kwarteng and truss had erred in trying to cut taxes for the highest earners and in presenting their plan without independent forecasts from the office for budget responsibilitythe prime ministers recognised that thats why im here hunt told sky newsin one of his first acts on taking office friday the new chancellor spoke to bank of england governor andrew bailey who has had to stage costly interventions to calm febrile bond marketsthey discussed the importance of tackling global inflation and their commitment to economic growth and fiscal discipline the treasury tweetedtax cuts were the centrepiece of the illstarred budget announced by kwarteng and trussbut they were financed through billions in extra borrowing causing panic on financial markets at the prospect of higher inflation which has already left british households in the grip of a costofliving crisiswe will have some very difficult decisions ahead hunt said warning that all government departments face spending curbs including welfare health and defenceand some taxes will not be cut as quickly as people want some taxes will go uphunt confirmed he would deliver a new fiscal statement on october 31 agreeing on bbc radio that he had a clean slate to start afresh despite trusss prior promisessoon after on november 3 the bank of england will hold its next ratesetting meetingin a speech in washington saturday bailey warned anew that the central bank would not hesitate to raise rates to keep soaring inflation under control threatening more pain for uk households and businesses after the botched budgettruss dismissed kwarteng hours after he had rushed home early from international finance meetings in washington and she staged another uturn in acquiescing to a significant rise in profits tax levied on companiesat a subsequent downing street news conference her first since succeeding johnson the prime minister took only four questions glancing nervously around the room and delivering terse replies before abruptly leaving after just over eight minutesrobotic hesitant tonedeaf defiant and still utterly convinced of the purity and necessity of her mission liz truss killed off her political career in a matter of minutes times