Wales is facing a "new era of austerity" according to the Welsh Government following an announcement by new Chancellor Jeremy Hunt.
In attempt to calm the markets with "confidence and stability", Mr Hunt confirmed he is ditching many of the measures in the mini-budget meaning the UK Government will no longer be proceeding with the cuts to dividend tax rates, the reversal of off-payroll working reforms introduced in 2017 and 2021, the new VAT-free shopping scheme for non-UK visitors or the freeze on alcohol duty rates.
Following the announcements Wales' minister for finance (the Welsh equivalent of the Chancellor of the Exchequer) Rebecca Evans MS said: "The Chancellor’s statement today has signalled a new era of austerity. Those hit hardest will be the households already struggling to make ends meet. Our public services are facing cuts, and jobs could be lost. The actions announced by the Chancellor will shrink the economy and make the recession deeper and last longer – the opposite of the so-called plan for growth."
