CHANCELLOR Jeremy Hunt has set out his financial plan for the future this morning.

The new Chancellor brought forward measures from the medium-term fiscal plan that will support “fiscal sustainability”, the Treasury said.

Mr Hunt brought the announcement forward has he looked to calm the markets which have been in turmoil since the tax cutting mini-budget was set out by previous Chancellor Kwasi Kwarteng.

These are the key points made by Jeremy Hunt today, days after he was appointed Chancellor by Prime Minister Liz Truss.

Plans to cut income tax scrapped

Jeremy Hunt has announced the Government will scrap plans to reduce the basic rate of income tax from 20% to 19% in April next year, a move that had been forecast would cost the Exchequer almost £5.3 billion in 2023-24.

He added "almost all" tax cuts announced in mini-budget scrapped - including "indefinite" pause to planned 1p cut in basic rate of income tax.

Chancellor Jeremy Hunt confirmed he is ditching many of the measures in the mini-budget, including the planned cut to income tax.

In an emergency statement he said: “We will reverse almost all the tax measures announced in the growth plan three weeks ago that have not started parliamentary legislation.

“So whilst we will continue with the abolition of the health and social care levy and stamp duty changes, we will no longer be proceeding with the cuts to dividend tax rates, the reversal of off-payroll working reforms introduced in 2017 and 2021, the new VAT-free shopping scheme for non-UK visitors or the freeze on alcohol duty rates.”

He added: “The measures I’ve announced today will raise every year around £32 billion.”

Energy price guarantee to end early

The Chancellor confirmed the energy support package will only last until April, not two years as planned.

Jeremy Hunt announced a review to look at a “new approach” to target support at those worst off after that.

Jeremy Hunt on Stamp Duty

The government will continue with its planned cut to stamp duty and its reversal of the 1.25 percentage point increase in national insurance contributions, the chancellor said.