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The UK’s new chancellor, Jeremy Hunt, has ditched almost all of the tax cuts announced by the government three weeks ago.
In an effort to calm the financial markets, which have been turbulent since the announcement of Prime Minister Liz Truss and former chancellor Kwasi Kwareng’s mini budget, the chancellor made a series of U-turns.
The basic rate of income tax will remain at 20p indefinitely, instead of being cut, and the energy price guarantee will only be in place until April.
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