Jeremy Hunt reverses almost all of Truss’s mini-Budget tax cuts

Jeremy Hunt says he will reverse “almost all the tax measures” set out by his predecessor in a mini-Budget announcement which sent the market into turmoil.

The new chancellor said while they will continue with the abolition of the health and social care levy and stamp duty changes, they will not proceed with most proposals, including cuts to dividend tax rates.

Mr Hunt said the basic rate of income tax will remain at 20 per cent until “economic circumstances allow for it to be cut,” and pledged that his revised tax rates will raise £32 billion per year.

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