New Chancellor Hunt Reverses Tax Cuts and Long-Term Support For Energy Bills
Newly appointed Chancellor, Jeremy Hunt MP, has ripped up his predecessor’s doomed mini budget after replacing Kwasi Kwarteng MP on Friday.
Wholesale government borrowing interest rates have stabilised after Mr Hunt steadied the ship and restored confidence in the ‘markets’, which have now factored in an interest rate peak next May of just over 5%.
Jeremy Hunt ditched the plan to cut the basic rate by 1p from April.
Planned cut to corporation tax.
The typical household energy bill has been capped at £2,500 for the next two years.
The ‘guarantee’ policy was estimated to cost the government over £100billion.
Now expected to be overhauled, with help targeted on the poorest after April.
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DIVIDEND TAX CUT
Stamp duty was abolished under £250,000 at the mini-Budget, with first-time buyers exempt on up to £425,000.
That has already taken effect, and Mr Hunt said it will stay in place.
The government promised to reverse the increase to National Insurance.
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