Liz Truss’s new chancellor, Jeremy Hunt, has ditched further tax cuts introduced by his predecessor Kwasi Kwarteng as part of the disastrous “mini-Budget” he unveiled on 23 September – which spooked the markets with £45bn in unfunded tax cuts – during an emergency statement in which he also dramatically scaled back support for household energy bills from two years to six months.
Mr Hunt, who was only appointed on Friday, said he would be abandoning plans to cut the basic rate of tax by 1p, which had been due to be brought forward to April, and that it would remain at 20p in the pound until the country can afford to reduce it.
