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.
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.