RUSHES: Statement by new Chancellor Jeremy Hunt

Statement by new Chancellor Jeremy Hunt; Part 2 of 2 ENGLAND: London: INT Jeremy Hunt MP (Chancellor) statement SOT. - We will reverse almost all tax measures announced 3 weeks ago in the growth plan that have not started parliamentary legislation - so will continue with abolition of health and social care levy and stamp duty changes but will no longer continue with cuts to dividend tax rates, reversal of off-payroll working reforms, new VAT-free shopping scheme for non-UK visitors, or the freeze on alcohol duty / government's plan is to cut the basic rate of income tax to 19 per cent from April 2023 / deeply held Conservative value that people should keep more money, but markets demand commitment to sustainability / not right to borrow to fund this tax cut / so I have decided that the basic rate of income tax will remain at 20 per cent indefinitely / taken together with the decision not to cut corporation tax, and restoring the top rate of income tax, these measures will raise 32 billion pounds every year / biggest expense in the growth plan was the energy price guarantee / this is a landmark policy supporting millions / can confirm, support between now and April 2023 next year won't change / but beyond that, the Prime Minister and I have agreed that it wouldn't be responsible to continue exposing public finances to unlimited volatility in international gas prices / I am announcing a different package now for those most affected, support for businesses, better energy efficiency / most important now is stability / government can't eliminate volatility in markets but we can play a part and we will do so / instability affects prices of things in shops, cost of mortgages, value of pensions / more difficult decisions coming / to get debt falling departments will have to redouble efforts / cut spending, find saving / remain confident about UK long term economic prospects as we deliver mission for growth / growth requires confidence and stability / this governm...