The UK’s new chancellor of the exchequer, Jeremy Hunt, has reversed the tax cuts promised by his predecessor and scaled back support for household energy bills in an attempt to restore financial stability following weeks of market turmoil.
Hunt was brought in only on Oct. 14 to boost the UK government’s fiscal credibility after former Chancellor Kwasi Kwarteng’s “mini-budget,” which included £45 billion ($51 billion) of unfunded tax cuts, spooked financial markets, causing the pound to fall and borrowing costs to soar.
