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| Version 0 | Version 1 |
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| Two thirds of tax cuts from mini-budget reversed | Two thirds of tax cuts from mini-budget reversed |
| (30 minutes later) | |
| The government will reverse two thirds of the tax cuts it announced in September's mini-budget, new chancellor Jeremy Hunt has said. | |
| Mr Hunt said the emergency reversal aimed at calming investors totalled £32bn, with "almost all" of the £45bn pledged tax cuts reversed. | |
| His priority was to restore "economic stability", said Mr Hunt. | |
| Among the measures to be reversed are plans to cut the basic rate of income tax from 20p to 19p from April. | Among the measures to be reversed are plans to cut the basic rate of income tax from 20p to 19p from April. |
| Other measures to be axed include: | Other measures to be axed include: |
| Cuts to dividend tax rates | Cuts to dividend tax rates |
| The reversal of off-payroll working reforms IR35 introduced in 2018 and 2021 | The reversal of off-payroll working reforms IR35 introduced in 2018 and 2021 |
| VAT-free shopping for non-UK visitors | VAT-free shopping for non-UK visitors |
| The freeze on alcohol duty rates | The freeze on alcohol duty rates |
| The Institute for Fiscal Studies (IFS) warned last week that that the chancellor would need to make "big and painful" spending cuts to put the country's finances on a sustainable path. | |
| The think tank predicted that with a weaker economy and promised tax cuts, there would be a large shortfall in revenue. | |
| It calculated the government would have to spend £60bn a year less by 2026-27. |