UK Treasury chief Jeremy Hunt reverses nearly all tax cut plans

British Chancellor of the Exchequer Jeremy Hunt speaks during an interview in London [File: Henry Nicholls/Reuters]

British Chancellor of the Exchequer Jeremy Hunt has reversed most of an economic package announced by the government just weeks ago, saying the country needed to rebuild investor confidence.

Hunt said on Monday he was scrapping “almost all” the tax cuts announced last month and signalled public spending cuts were on the way.