UK chancellor to drop most of predecessor’s fiscal plans amid market chaos

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Britain’s new Chancellor of the Exchequer, Jeremy Hunt, has announced that “almost all” of the tax cuts set out in the government’s mini-budget less than a month ago will be reversed

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In a televised address, Hunt confirmed that he would drop most of the tax measures in the disastrous fiscal statement of September 23 — which sent the pound plummeting to 40-year lows and borrowing costs soaring - apart from a £13-billion cut to national insurance and £1.5 billion in stamp duty changes.

Hunt has said he will also water down the government’s energy price guarantee - a package estimated to be worth at least £150 billion to limit average energy bills to £2500. He said it would now provide universal support until April, but support after would then be scaled back and targeted.

 

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The divisions within the same political party is astounding. No policy is what it is.

The next reversal - mere weeks away, if not days - involves the Prime Minister being hauled out of office. Maybe next time don’t let the PM be chosen by little more than a mid-sized conference centre of rabid, xenophobic, Daily Mail reading party members? A GE NEEDS CALLED. NOW.

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