Describing the economy he inherited, Hunt repeated a quip Obama made 14 years ago, saying: “This would be really interesting shit if I wasn’t in the middle of it,” according to a person present.

The UK is at the start of a lengthy recession, according to the Bank of England, which hiked interest rates by 75 basis points Thursday in a bid to tackle inflation.

Hunt was parachuted in as chancellor by then Prime Minister Liz Truss almost three weeks ago when she ousted Kwasi Kwarteng in an attempt to restore stability to UK markets following a disastrous mini-budget which sent gilt prices and the pound tumbling.

Hunt has dismantled Kwarteng’s tax-cutting and spending plans. He and new Prime Minister Rishi Sunak have instead prepared the ground for widescale tax rises and cuts to public spending, to be announced in a fiscal statement on Nov. 17.

Hunt reiterated that message Tuesday, saying the government had to be “completely honest” about the challenges it faces.

Personal and business taxes would rise and some public spending would be cut, he told the gathering of chief executives and politicians at Claridge’s Hotel hosted by The Sunday Times. Hunt said he took on the challenge because he is “fantastically optimistic about the future of this country.”

The chancellor drew laughs when he referred to Obama’s famous comment from when he was campaigning to be president amid the global financial crisis. But some attendees took a dim view.

Helena Morrissey, one of the UK’s most senior business figures to support Brexit and a former chief executive of Newton Investment Management and the ex-chairwoman of funds platform AJ Bell, said in a post on Instagram: “Leaders need to give hope and find solutions, not just paint a miserable picture.”

The Treasury did not comment. Morrissey could not be reached for comment.