Jeremy Hunt, the newly appointed Chancellor of the Exchequer, announced on Monday that the British Government will be scrapping "almost all" of the tax cuts put forward in Kwasi Kwarteng's mini-budget.
Among the announced measures by Kwarteng, Liz Truss' first Chancellor of the Exchequer and long-time political ally, were tax cuts to the richest section of the population but, as these were unfunded, the mini-budget sent the pound plummeting and markets into turmoil.
As a result, Kwarteng was forced to resign and was replaced by Conservative Party grandee Jeremy Hunt, former Health and Foreign Secretary. YouGov polls on his favourability (at 16%) reflect a questionable record as minister but also as potential party leader.
Many outlets are now reporting that he is, de facto, running the government, as Truss' days are said to be numbered among Tory backbenchers.
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In his first call of action as chancellor, Hunt has decided to, among other things, scrap income tax cuts and dividend tax cuts, as he now seeks to "restore confidence and stability."
Another u-turn is the cap on household energy bills which will now only apply until April, instead of the previously planned two-year period, with Hunt also promising "a new approach that will cost the taxpayer less" and will focus on those most affected by the rise in energy prices.
