Martin Lewis has given his verdict after Jeremy Hunt scrapped most of the mini-Budget in a huge Tory U-turn today.
This morning, the new Chancellor announced the government would reverse almost all of the tax measures announced in Prime Minister Liz Truss' economic growth plan three weeks ago.
In response to his statement, the MoneySavingExpert.com founder tweeted: "Hunt says energy price guarantee to remain until April. After that treasury review on how to support energy prices.
"Plus all mini budget tax measures (barring stamp duty and NI cut) now not happening, so no cut in basic rate.
"Trussenomics totally hunted down and gone."
Mr Hunt, who became Chancellor after Kwasi Kwarteng was sacked last week, 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."
He also announced that help with energy bills for households will only last until April, with a review to find a "new approach" that will "cost the taxpayer significantly less".
The Chancellor said: "The biggest single expense in the growth plan was the energy price guarantee.
"This is a landmark policy supporting millions of people through a difficult winter ad today I want to confirm that the support we are providing between now and April next year will not change.
"But beyond that, the Prime Minister and I have agreed it would not be responsible to continue exposing public finances to unlimited volatility in international gas prices.
"So I'm announcing today a Treasury-led review into how we support energy bills beyond April next year. The objective is to design a new approach that will cost the taxpayer significantly less than planned whilst ensuring enough support for those in need.
"Any support for businesses will be targeted to those most affected and the new approach will better incentivise energy efficiency."
The basic rate of income tax will remain at 20p indefinitely, Mr Hunt said.
The rate had been due to reduce to 19p from April under Mr Kwarteng's mini-budget, a year earlier than Rishi Sunak had planned.
But Mr Hunt said it would now stay at 20p until economic conditions allowed a reduction, adding: "It is a deeply held Conservative value - a value that I share - that people should keep more of the money that they earn.
"But at a time when markets are rightly demanding commitments to sustainable public finances, it is not right to borrow to fund this tax cut."
Ms Truss held a political Cabinet call at 10am to discuss the decision to scrap the mini-budget measures.
The Chancellor set out the "worsening global economic situation, with interest rates rising around the world as monetary policy returns to a sense of normality", a No 10 source said.
"Because of this, the Government is adjusting its programme while remaining committed to long-term reforms to improve growth such as investment zones and speeding up infrastructure projects."
Mr Hunt is expected to meet all secretaries of state this week to decide on future spending plans which will then be submitted to the Office for Budget Responsibility on Friday.
