UK finance minister Hunt: We will reverse almost all tax measures announced on 23 Sept

• Basic rate of income tax will remain at 20% indefinitely
• It is not right to borrow in order to fund tax cuts
• Energy price guarantee will not change until April, thereafter will be targeted
• Will no longer be proceeding with cuts to dividend tax rates
• No longer proceeding with new VAT-free shopping scheme for non-UK visitors

One wonders what was the whole point of the exercise over the past few weeks then. So, pretty much everything that was announced previously will be gone and only the National Insurance and stamp duty cut will stay. The income tax hold even walks back on Sunak's commitment (he planned to cut it at a later date). So, essentially a total reversal of the entire "growth plan" that was announced at the end of last month.

/GBP GBP The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth Read this Term