Hunt Scrapped Plans To Axe The Lowest Rate Of Income Tax
Hunt Scrapped Plans To Axe The Lowest Rate Of Income Tax
The shock move by new finance chief Jeremy Hunt, parachuted into the job on Friday to replace sacked Kwasi Kwarteng, leaves Truss' position in a precarious state after a series of embarrassing U-turns.

The British government on Monday axed almost all of its debt-fuelled tax cuts unveiled last month to avert fresh markets chaos, in a humiliating climbdown for embattled Prime Minister Liz Truss.

The chancellor of the exchequer said no government could control markets -- but stressed his action would give certainty over public finances and help secure growth.

"There will be more difficult decisions I am afraid, on both tax and spending, as we deliver our commitment to get debt falling as a share of the economy over the medium term," Hunt added Monday.

The budget furore has reportedly sparked a plot to oust the prime minister.

In two weeks' time, Hunt will unveil his medium-term fiscal plan alongside independent economic forecasts from the Office for Budget Responsibility

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