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| Jeremy Hunt: We will reverse almost all mini-budget tax cuts | Jeremy Hunt: We will reverse almost all mini-budget tax cuts |
| (32 minutes later) | |
| The lower rate of 20p tax will remain “until economic circumstances allow for it to be cut" says the chancellor. | |
| The lower rate of 20p tax will remain “until economic circumstances allow for it to be cut" says the chancellor. | |
| The government will reverse almost all the tax cuts it announced last month, Chancellor Jeremy Hunt has said. | The government will reverse almost all the tax cuts it announced last month, Chancellor Jeremy Hunt has said. |
| But Mr Hunt said the cuts to stamp duty paid on house purchases and the scrapping of the National Insurance rise would continue. | But Mr Hunt said the cuts to stamp duty paid on house purchases and the scrapping of the National Insurance rise would continue. |
| He also announced that beyond April support for household and business energy bills would be reviewed. | He also announced that beyond April support for household and business energy bills would be reviewed. |
| Mr Hunt said economic growth required "confidence and stability", adding the UK "will always pay its way". | |
| Among the measures to be reversed are plans to cut the basic rate of income tax from 20p to 19p from April. | |
| Mr Hunt said the rate would remain at 20p "indefinitely until economic circumstances allow for it to be cut". | |
| Live updates: New chancellor reverses almost all tax measures | |
| What Jeremy Hunt's statement means for you | |
| The chancellor said it was "a deeply held Conservative value" that people should keep more of the money 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," he added. | |
| Other measures to be axed include: | |
| Cuts to dividend tax rates | |
| The reversal of off-payroll working reforms introduced in 2018 and 2021 | |
| VAT-free shopping for non-UK visitors | |
| The freeze on alcohol duty rates | |
| Mr Hunt said measures, including the previously announced freeze on corporation tax and keeping the top rate of income tax, would raise around £32bn a year. | |
| The BBC's political editor Chris Mason said the statement shredded nearly every element of Liz Truss's prospectus, and showed "the Truss programme for government is dead". | |
| The chancellor said there would also be "more difficult decisions" on tax and spending | |
| "All departments will need to redouble their efforts to find savings and some areas of spending will need to be cut," he said. |