Chancellor Jeremy Hunt has announced a major u-turn on the mini-Budget that had been announced earlier this month. Help with energy bills for all households will only last until April and the Government is also scrapping plans to reduce the basic rate of income tax.
The new measures are part of plans to fast-track billions of pounds of savings in an attempt to get the public finances back on track and stabilise financial markets after weeks of turmoil.
Speaking on Monday morning, Mr Hunt confirmed he was ditching many of the measures in the mini-budget. He said the Government had decided to make further changes and said they were being announced today to stop speculation. He said the changes were designed to bring "confidence and stability". You can get more politics news and other story updates straight to your inbox by subscribing to our newsletters here.
