Jeremy Hunt Reverses Nearly All Mini-budget Tax Cuts And Reduces Back Energy Bill Support Scheme Next Year

17th October 2022

Jeremy hunt said a central responsibility for any government is economic stability.

No government can control the markets. But every government can give certainty about the sustainability of the public finances.

He says, as well as going ahead with the corporation tax increase, he is announcing other changes.

He is doing so now ahead of a statement to MPs later today.

Reversal almost all the tax measures announced in the growth plan three weeks ago that have not already started the parliamentary process.

The NIC change will remain

Not now happening -

Cuts to dividend tax rates
The IR35 tax changes
VAT-free shopping for tourists
The alcohol duty changes
Hunt also says the 20% basic rate of tax will remain indefinitely.

These measures will raise an extra £32bn per year for the Treasury.

More details will be announced in his statement to parliament in the afternoon. These announcements were unusually made ahead of the parliamentary meeting to help stabilise the markets.

More to come.......