struggling with symptoms. let s start here in the uk, where the new chancellorjeremy hunt has ditched almost all of prime minister liz truss tax cuts announced in the government s mini budget three weeks ago. the financial markets reacted positively to the news, with the pound rising against the us dollar and uk gilts falling. in total £32 billion of the £45 billion in tax cuts have been shelved, these include. the planned 1p cut in the basic rate of income tax is now on hold indefinitely, with the rate remaining at 20%. the cap on energy prices charged to households is now only guaranteed until april next year. for a typical household, it means an annual bill will not rise above £2,500 for the next six months. but plans to cancel the 1.25% increase in national insurance contributions will still go ahead, along with a reduction in stamp duty, and the cap on bankers bonuses will still be scrapped. joining me now is chris southworth, who s the secretary general of the uk i
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administration as assistant to the secretary of state. welcome to the programme. for the first time since brexit took effect in january 2020, the british prime minister was in europe today for a summit, the first meeting of the european political community. not an eu construct, not an eu alternative, said liz truss, but an opportunity to discuss wider interests relating to ukraine, energy and security. russia s war demands cooperation beyond the eu s 27 member states. in all, 44 countries were represented in prague today, including countries like alabania and azerbaijan, who are currently in a state of conlict. but the seating plan was hardly the most difficult issue. after last month s sabotage of the two pipelines in the baltic sea and the 0pec+ decision wedneday to cut daily oil production by 2 million barrels, europe is staring at a winter energy crisis. the national grid warned today that households in the uk could face three hour power cuts this winter in a cold snap