'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.
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