New UK Chancellor Hunt to rip up tax-slashing budget

New UK Chancellor Hunt to rip up tax-slashing budget

Britain’s new Chancellor of the Exchequer Jeremy Hunt announces sweeping changes to the government’s so-called ‘mini-budget’, which was announced less than a month ago by his predecessor Kwasi Kwarteng.

The September fiscal event brought instability to financial markets and increased the UK’s borrowing costs.

In a statement to media, Hunt announced that the base rate of tax will now not be cut ‘until economic circumstances allow it’, and said that the existing energy price support scheme will be redesigned in a more targeted way to help those most in need from next April, while also warning that government spending will need to be cut in other areas to deliver stability.