Hunt rowed back on a number of previous Chancellor Kwasi Kwarteng’s tax plans, only pressing ahead with changes to stamp duty and the health & social care levy, due to the fact that these are already progressing through parliament.
The chancellor made his statement ahead of providing further details to parliament, in an effort to calm market turbulence.
However, he focused his comments on the government’s tax plans, as well as announcing that a Treasury-led review will take place “into how we support energy bills beyond April next year”.
There was no mention of the mini-Budget’s plans for infrastructure investment, such as the development of new ‘investment zones’ or the published priority list of infrastructure projects to be accelerated.
Hunt said: “The most important objective for the country right now is stability.”
He did, however, hint that there will be further changes to investment priorities over the coming months, adding: “There will be difficult decisions on tax and spending. All departments will need to redouble efforts to find savings.”
Hunt is due to provide further details of the government’s plans in parliament later today.