Jeremy Hunt has reversed almost all of the plans previously announced in the mini-budget
During a statement on Monday, October 17, the new 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.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.”
Government spending in “some areas” will be cut, the Chancellor also confirmed. The basic rate of income tax will remain at 20p indefinitely, ChancellorThe rate had been due to reduce to 19p from April under Kwasi Kwarteng’s mini-budget, a year earlier than Rishi Sunak had planned.This was a move that had been forecast would have cost the Exchequer almost £5.3 billion in 2023-24.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chancellor reverses 'almost all' tax cuts in mini-budget and says energy bills support scheme to be scaled back'This govt will take whatever tough decisions are necessary'. Chancellor Jeremy Hunt says there will be 'more difficult decisions on tax and spending' but he is 'completely confident' in the UK's long-term economic prospects. 📺 Sky 501, Virgin 602
Read more »
Energy support scheme bombshell as Jeremy Hunt bins Liz Truss’ mini-budgetIn the eyes of many, it leaves Liz Truss in no position to continue as PM
Read more »
Jeremy Hunt outlines major changes to financial plan as energy support cut shortChancellor Jeremy Hunt has set out his financial plan for the future this morning.
Read more »
Chancellor to deliver medium-term fiscal plan today, Treasury saysChancellor Jeremy Hunt will deliver his medium-term fiscal plan later today, the Treasury has said.
Read more »
Liz Truss fights to save job amid Tory unrest as new Chancellor's statement dueThree members of Ms Truss’s parliamentary party have already broken ranks to call on her to go.
Read more »
Bank of England governor warns of further interest rates riseBank of England governor warns of further interest rates rise amid mortgage crisis
Read more »