Financial TimesFinancial Times

Jeremy Hunt scraps tax cuts and slashes energy package in bid to calm markets

By George Parker and Chris Giles

17 Oct 2022 · 3 min read

Editor's Note

Jeremy Hunt, Britain's new chancellor of the Exchequer, “put a wrecking ball through the economic policy” of the prime minister. The FT has the details on the U.K.’s dramatic fiscal policy reversal.

Jeremy Hunt, the new UK chancellor, on Monday scrapped the bulk of his predecessor Kwasi Kwarteng’s tax cuts in a desperate effort to calm markets, while slashing the government’s energy support package.

In an emergency move to rebuild the government’s fiscal credibility, Hunt rewrote the government’s tax and spending plans, putting a wrecking ball through the economic policy of prime minister Liz Truss.

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