How Jeremy Hunt's huge new tax and energy announcements will affect you
Jeremy Hunt made a number of huge announcements during his televised economic statement on Monday . The newly-appointed Chancellor confirmed a wave of U-turns on policies set out in Kwasi Kwarteng's previous fiscal statements.
Mr Hunt has already warned that taxes will have to rise and public spending will be squeezed to address the black hole in the public finances opened up by former chancellor Kwasi Kwarteng’s £45 billion mini-budget tax giveaway. The pound has strengthened and UK government bonds have rallied further as Mr Hunt announced plans to reverse key policies in the former Chancellor’s mini budget.Sterling rebounded by more than 1.2% to 1.
He added: “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.” The Energy Price Guarantee, which was announced in Kwasi Kwarteng's mini-budget in September, set out to ensure that a typical household in Great Britain paid around £2,500 a year on their energy bill. It was meant to last for the next two years, starting from October 2022.
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Politics latest: Jeremy Hunt making 11am announcement and is now 'de-facto prime minister'Politics Hub brings you the latest political news, insight and analysis from the Sky News team in Westminster. At 11am Jeremy Hunt is to announce more U-turns to the mini-budget that has caused economic turmoil in the markets and a political crisis for Liz Truss.
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