of the west indies in australia. good afternoon. the new chancellor, jeremy hunt, has scrapped almost all of the key measures in last month s controversial mini budget, in the latest in a series of government u turns. in an emergency statement, aimed at reassuring the financial markets, he abandoned indefinitely the planned ip cut in the basic rate of income tax, that had been due to come in next year. help with energy bills will now only last until next april instead of for two years. it will then be reviewed. mr hunt
announced by his predecessor, kwasi kwarteng, in last month s mini budgetjust three weeks ago. in an emergency statement this morning, he abandoned indefinitely the planned ip cut in the basic income tax that was due to come next year. help with energy bills will now only last until next april. instead of for two years, and then that will be reviewed. today, jeremy hunt claimed all of those announcements will save £32 billion a year, but he also warned that there are going to be more difficult decisions ahead on tax and spending to cut government debt. he will be addressing mps in the commons later this afternoon, some time after lipm. before then, there will be an urgent question in there will be an urgent question in the commons asked by sir keir starmer. it will not be liz truss responding to that, it will instead be penny mordaunt. so plenty ahead in the commons. in terms of the market reaction, jeremy hunt said that he had sought to reassure the
had been the latest in a whole series of government u turns. let s bring you up to date if you re just joining us with what is happened today. a bit of a recap for you. and in an emergency statement this morning jeremy abandoned indefinitely the plan ip cut in the basic rate of income that it didn t do to come in next year. jeremy hunt. help with bills will only last until next april instead of two years was that it will then be reviewed. mr hunt claimed all today s announcements will save £32 billion a year but he did warned there are more difficult decisions are ahead on tax and spending to cut government debt. the question is, did he do enough to calm things down, especially on the financial markets? the reaction there does generally seem to be positive. what about the political reaction? jonathan blake has been getting the reactions for us that was minister.
leader since mao zedong. stephen o donnell, bbc news, beijing. now more on our top story, and the future of the prime minister and her new team. we re a few hours away now from the start of a new week of trading on the international markets, but what are the numbers around the possible changes to the mini budget? our business correspondent marc ashdown has been looking at them. a lot of the mini budget has already been unpicked, the top rate of tax stays and corporation tax will go up after all. butjeremy hunt still needs to find around £25 billion, money the last chancellor planned to give away in tax cuts. so what are his options? we are hearing that he may delay the plan for a ip cut in basic income tax. unconfirmed at the moment, but it could save £5 billion in a year. that would still leave £20 billion
unexplained but not believes to be suspicious. some breaking news to bring to you now. let s go back to our top story. back to our top story and the future of the prime minister and her new team. we re a few hours away now from the start of a new week of trading on the international markets but what are the numbers around the possible changes to the mini budget. our business correspondent marc ashdown has been looking at them. a lot of the many budget has already been on picts corporation tax will go been on picts corporation tax will 9° up been on picts corporation tax will go up after all. butjeremy hunt still needs to find around £25 billion, monday the last chancellor plan to give away in tax cuts. so what are his options? we are hearing that he may delay the plan for a ip cut in basic income tax. one unconfirmed at the moment but it could save £5 billion a year. that would still leave £20 billion to plug and it s hard to see how that could be found without tough cuts in