'The objective is to design a new approach that will cost the taxpayer significantly less than planned.' Chancellor Jeremy Hunt announces that the energy price guarantee will no longer last two years and will be reviewed by the Treasury in April.
How much money will reversing mini-budget save
She added that it was politically"very significant" that Mr Hunt only committed to the energy price cap until April next year. "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.
"The government is committed to a growth agenda, including investment zones, speeding up roads projects as well as increasing our energy supplies so that we are never in this situation again."Truss clung on to the wisdom of her energy plan - now it's been junked in favour of Labour's proposal Boris Johnson always attempted to make the argument that he got big calls right. This is now all but impossible for Liz Truss.
This will be seen as the day when bailout Britain ended - starting in the pandemic, getting a nation used to hand-outs with the furlough and business support schemes, there has been an assumption government will step in when external shocks take place. This is no more. "Almost all" tax cuts announced in mini-budget scrapped - including"indefinite" pause to planned 1p cut in basic rate of income tax
"So I've decided that the basic rate of income tax will remain at 20% and it will do so indefinitely until economic circumstances allow for it to be cut. "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 reverse of 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."Former culture secretary and arch-Boris Johnson loyalist Nadine Dorries is calling for Tories to either back Liz Truss - or bring back Mr Johnson.
However, since the problems are located specifically in a single fund, the Bank of England believes that its collapse would not provoke a system-wide problem that would necessitate its intervention.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Liz Truss still in charge despite U-turns, says Jeremy Hunt'She's listened, she's changed, she's been willing to do that most difficult thing in politics which is to change tack.'
Read more »
Politics latest: Jeremy Hunt set to announce more mini-budget U-turns todayPolitics Hub brings you the latest political news, insight and analysis from the Sky News team in Westminster. 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.
Read more »
Jeremy Hunt is expected to make more mini-budget U-turns today - here’s how to watchChancellor Jeremy Hunt is due to make a statement today, potentially including more mini-budget U-turns - here’s how to watch
Read more »
Jeremy Hunt admits government made mistakes and hints tax rises are on the wayMr Hunt denied that the UK was returning to an austerity era, but he did admit that “difficult” decisions needed to be made on spending.
Read more »
Taxes 'will rise' as Jeremy Hunt gets 'clean slate' on disastrous mini-budget'Difficult decisions' will be made in the coming months, according to the new chancellor
Read more »
Defence Secretary Ben Wallace could resign if Jeremy Hunt scraps defence spending boostDefence spending had been set to rise to 3% of GDP by 2030 - but Chancellor Jeremy Hunt refuses make that commitment.
Read more »