Prime minister Liz Truss asked Hunt to step in as chancellor after Kwasi Kwarteng was sacked on Friday, following the financial turmoil brought about by the tax cuts in the mini-budget.
Almost all of the measures left in the Government's mini-budget have now been scrapped.
In an emergency statement this morning Hunt said that the basic rate of income tax, which had been due to be cut from 20p to 19p in April, will now not happen ‘indefinitely’, because he said it was ‘not right to borrow to fund this tax cut’.
He also said that the energy price guarantee – a major policy announced by Truss in her first few days in office – would be scaled back from two years to six months, and that instead there would be a Treasury-led review to look at how to support people with energy bills after April.
Register now to continue reading
Thank you for visiting Nursery World and making use of our archive of more than 35,000 expert features, subject guides, case studies and policy updates. Why not register today and enjoy the following great benefits:
What's included
-
Free access to 4 subscriber-only articles per month
-
Unlimited access to news and opinion
-
Email newsletter providing activity ideas, best practice and breaking news
Already have an account? Sign in here
