Скачать или смотреть Jeremy Hunt outlines new mini-budget and warns of ‘difficult decisions’ in Oct 31 debt plan

Jeremy Hunt faced down MPs in parliament this afternoon after tearing Liz Truss' mini budget to shreds today in a bombshell statement.

In a bid to reassure nervous markets, the Chancellor announced this morning that a planned 1p cut to the basic tax rate will be delayed "indefinitely".

And Mr Hunt also confirmed that the Energy Price Guarantee - which sees the typical bill capped at £2,500 - will only last until April, instead of October next year.

The Treasury will review how hard-up Brits should be supported from that point on.

The National Insurance hike will still be scrapped and cuts to stamp duty will stay.

But all other mini budget tax slashing promises have been dumped in the bin.

These include scrapping VAT for foreign tourists visiting the UK and freezing alcohol duty rates from next year.

The massive policy cull is estimated to save £32bn per year.

However, more efficiencies are needed to balance the books, and Whitehall departments have been ordered to find ways to save money.

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