After weeks of chaos, the financial markets stabilised today but only thanks to the death of Trussonomics.
In arguably the most dramatic U-turn in Britain’s economic history, the new chancellor, Jeremy Hunt, delivered a nuclear statement which ripped Liz Truss’s tax-cutting agenda to shreds.
Only two mini-budget measures have survived: the uplift in stamp duty thresholds, and the reversal of the National Insurance hike.
Every single other tax-cutting policy announced less than a month ago has been junked. In fact, Hunt has not only reversed Truss’s plan to cut the basic rate of income tax, he has even reversed Rishi Sunak’s plan to cut it in 2024.
