New Chancellor of the Exchequer Jeremy Hunt has "ripped up" the UK Government's spending policies by announcing a number of big changes to the mini-budget that was unveiled just weeks ago. Hunt, who replaced Kwasi Kwarteng as Chancellor last week, confirmed that a number of flagship policies will be either tweaked or abandoned, with only two now remaining.
U-turns have been made on a number of key tax cutting policies, with the Government's plans to cut the basic rate of income tax from 20 per cent to 19 per cent cancelled for the foreseeable future. Hunt also confirmed that a big change would be made to the energy price guarantee which was announced less than a month ago, with the scheme to cap all household energy bills for two years now set to be cut from April. You can read more about these reversals here.
However, there was seemingly no reversal on one of the most divisive policies in the doomed mini budget, with the Chancellor pressing on with plans to scrap the cap on bankers' bonuses. Subscribe to the WalesOnline Money newsletter for the latest news, tips and tricks on all things money.
