Following weeks of upheaval brought on by his predecessor and Prime Minister Liz Truss, Chancellor of the Exchequer Jeremy Hunt said the UK faces difficult decisions on taxes and spending
He sought to soothe financial markets with a clear change in economic policy.
In an interview with Sky News on Saturday, Hunt predicted that "spending will not go up as much as people hope and there will be more efficiencies to uncover."
"The truth of the extremely hard scenario we confront is that certain taxes will have to go up and we won't have the speed of tax cuts we're hoping for."
On a dramatic Friday, Hunt took over as the UK's budget chief from Kwasi Kwarteng, after Truss fired her longtime ally and made another significant U-turn.
Even if he agreed with Truss's justification for the need for development, the new chancellor made it clear that he disapproved of the approach she and Kwarteng took.