(London) The new Minister of Finance Jeremy Hunt announced on Monday the cancellation of “almost all the tax measures” announced three weeks ago by his predecessor Kwasi Kwarteng and which had plunged the British markets into turmoil.
Posted at 6:46 a.m.
Updated at 6:49 a.m.
Mr. Hunt, appointed on Friday in an emergency, insisted that the priority of the British government was to restore “stability”. Among the main measures unveiled on Monday, the ceiling on energy bills for all households will finally be in force until April only and no longer for two years. “Other tough decisions” are ahead for government spending like taxes, he added.
Energy prices: aid to British households reduced to six months
The government will limit to six months the freezing of energy bills for households, initially announced for two years, in order to protect public finances “from the volatility” of gas prices.
As part of a series of measures intended to reassure the markets, Jeremy Hunt indicated on television that the assistance to households put in place at the beginning of October in order to avoid a surge in bills would be reviewed to “put in place a new approach that will cost taxpayers much less than expected” and will target “the most affected”