Millions of people will be wondering how their finances will be affected after Chancellor Jeremy Hunt reversed a string of measures from the mini budget. Cutting the rate of income tax from 19 to 20% was among the headline announcement, while the energy price cap will also only be in place until April.
In an announcement to the public prior to an appearance in the House of Commons, Mr Hunt said: "The Prime Minister and I have agreed it would not be responsible to continue exposing public finances to unlimited volatility in international gas prices.
“So I’m announcing today a Treasury-led review into how we support energy bills beyond April next year. The objective is to design a new approach that will cost the taxpayer significantly less than planned whilst ensuring enough support for those in need.
“Any support for businesses will be targeted to those most affected and the new approach will better incentivise energy efficiency.” In relation to the cutting of income tax, you can see what impact this will have on you by using the widget below.
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