In a statement on Wednesday, UK Finance Minister Jeremy Hunt said that “I want to be the chancellor who simplifies taxes.”

Additional takeaways

“It is obvious that you cannot finance tax cuts by raising borrowing.”

“We are gaining stability and beginning to pay down debt.”

While speaking on inflation, Hunt said, that he has “confident in forecasts” and that there “can be no complacency.“

Hunt added that “core inflation will be harder to bring down.”

Market reaction

GBP/USD is making a minor recovery attempt to near 1.2325, still down 0.11% on the day, as of writing.