BBC News 17 October 2022
- Chancellor Jeremy Hunt ditches almost all of PM Liz Truss's tax cuts announced in the government's mini-budget three weeks ago
- The basic rate of income tax will remain at 20p indefinitely - instead of being reduced to 19p
- The cap on energy prices charged to households is now only guaranteed until April next year, but will then be reviewed
- But the cuts to stamp duty and National Insurance remain in place
- Hunt says his announcement - bringing forward measures from an economic plan on 31 October - is designed to calm financial turmoil following the mini-budget
- He will address MPs in the House of Commons after 16:00 to give further details
- Truss has been meeting cabinet ministers as she attempts to shore up her premiership, following calls from some Tory MPs for her to go
