U.K. Treasury chief scraps nearly all government tax cut plans
U.K. Treasury chief Jeremy Hunt on Monday reversed most of an economic package announced by the government just weeks ago, including a planned cut to income tax . In a bid to soothe turbulent financial markets, Hunt said he was scrapping “almost all” the tax cuts announced last month and signaled public spending cuts are on the way. He also scaled back a cap on energy prices designed to help households pay their bills. It will now be reviewed in April rather than lasting two years. “It is a deeply held Conservative value — a value that I share — that people should keep more of the money that they earn,” Hunt said. “But at a time when markets are rightly demanding commitments to sustainable public finances, it is not right to borrow to fund this tax cut.” Hunt was appointed Friday after Prime Minister Liz Truss fired Kwasi Kwarteng, who spent less than six weeks in the Treasury job. Truss and Kwarteng jointly came up with a Sept. 23 announcement of 45 billion pounds ($50 billion) in unf...