Chancellor Confirms Almost Total U-Turn On Mini-Budget

New Chancellor of the Exchequer Jeremy Hunt confirms that almost all measures from the 23 September mini-budget will be reversed following weeks of market turbulence.

• Hunt: Will make a detailed statement to parliament later today [1030ET, 1530BST, 1630CET].
• Hunt: Stamp duty changes, National Insurance changes will go ahead.
• Hunt: The basic rate of income tax will not be cut, will remain at 20% 'indefinitely' until market conditions allow for a cut.
• Hunt: Measures announced today will raise around GBP32bn
• Hunt: Energy price guarantee will not change until April.
• Hunt: There will be more difficult decisions I'm afraid on tax and spending.
• Treasury on the Energy price guarantee: A Treasury-led review will be launched to consider how to support households and businesses with energy bills after April 2023. The objective of the review is to design a new approach that will cost the taxpayer significantly less than planned whilst ensuring enough support for those in need.

The U-turn comes as a major political humiliation for the Truss gov't. Rumours already circulating this morning on a potential challenge from Conservative backbenchers, and this unprecedented reversal - while having the potential to quell markets - is unlikely to quell MPs angry and scared for holding onto their seats.