New Chancellor of the Exchequer Jeremy Hunt has announced that the planned reduction of basic Income Tax by a penny to 20 pence in the pound has been postponed indefinitely.
The measure is among several announced by Mr Hunt during a brief statement late this morning.
His statement amounted to substantial reversal of the mini-Budget recently announced by his predecessor Kwasi Kwarteng, who was subsequently sacked.
However, the cap on energy bills is to be retained, albeit only until next April when the Treasury will review the measure.
Plans to cut the top rate of Income Tax from 45 pence to 40 have also been scrapped.
The planned cut to Stamp Duty will go ahead, as will a reduction of National Insurance contributions.
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