Joe Biden calls Liz Truss’s mini-Budget ‘a mistake’
Jeremy Hunt has scrapped most of the measures set out in the mini-Budget, including the planned cut to income tax.
In an emergency statement this morning, he said: “We will reverse almost all the tax measures announced in the growth plan three weeks ago that have not started parliamentary legislation.
“So whilst we will continue with the abolition of the health and social care levy and stamp duty changes, we 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.”
The chancellor also announced that Liz Truss’s s promise to support Britons by controlling the price of energy bills for two years will now only last until April.
The new chancellor said the government would review the cap on the price of energy unit to keep annual household bills at no more than £2,500.
Following his statement, the chancellor will address the Commons this afternoon at 3.30pm.
