Jeremy Hunt confirms complete U-turn on ‘almost ALL tax measures’

Jeremy Hunt outlines changes to measures outlined in mini-budget

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Jeremy Hunt has abandoned almost all of Liz Truss’s tax cuts and severely cut back the planned energy price cap. The only major announcement from the mini-Budget just a few weeks ago to survive waas the reversal of the National Insurance rise which had already been legislated for.

The Chancellor has been forced to perform another U-turn for Liz Truss’ fledgeling government with an abandonment of her flagship policy of providing an energy price guarantee for two years.

From April the guarantee will be means tested and targeted for the least well off.

This follows Ms Truss abandoning plans to scrap the 45p top rate of income tax and the cancellatin of the 6p in the pound rise in Corporation Tax to 25p.

Analysts are now predicting that the UK will go into a recession but markets, which were in chaos after the mini Budget, have calmed and stabilised.

Mr Hunt is understood to be tackling a Budget black hole of almost £100 billion.

Departments have all been told they have to find savings with schools and defence taking the brunt. understands that one of the victims of the cuts will be military aid to Ukraine.

In his statement, Mr Hunt reversed the 1p cut in the basic rate of income tax and did not delay it but postponed it indefinitely.

He said this would raise an extra £32 billion a year.

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