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.
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