Jeremy Hunt reversed ALL of the Liz Truss mini-budget apart from two policies

17.10.2022 - 14:49 / manchestereveningnews.co.uk

New Chancellor Jeremy Hunt delivered an economic statement today to try and stabilise the markets.

It comes after Prime Minister Liz Truss and former Chancellor Kwasi Kwarteng delivered a mini-budget several weeks ago which resulted in economic turmoil. On Friday, Mr Kwarteng left his role as Chancellor after only 38 days in the office and was swiftly replaced by Mr Hunt.

Following his appointment, Mr Hunt has steered economic policy away from the low-tax-focused approach taken by his predecessor. He previously warned that taxes will have to go up while spending would rise less quickly than originally planned.

Read more: LIVE: Jeremy Hunt makes statement on government's plans amid U-turns and 'mini-budget' chaos - latest updates

Today, Mr Hunt stressed that the government is responsible for doing what is necessary to bring about economic stability He noted that it's vital for businesses making investment decisions, and for families concerned about jobs, mortgages and the cost of living crisis currently sweeping across the country.

The Chancellor announced a wave of U-turns today, backtracking on some of the major policies introduced by his predecessor. Among these include a reversal of almost all of the tax measures previously laid out.

It includes cutting the basic rate of income tax to 19 per cent, cutting dividends tax by 1.25 percentage points, and repealing the 2017 to 2021 reforms to the off-payroll working rules. However, Mr Hunt has not reversed all the policies set out by his predecessor.

Among his wave of reversals brought in today, Mr Huny notably left out any changes to the reversal of the National Insurance increase and the Health and Social Care Levy, as well as cuts to Stamp Duty Land Tax.

Changes to