In one of the latest developments on the tax cut saga in the United Kingdom, Jeremy Hunt, the recently-appointed Chancellor of the Exchequer, has scrapped “almost all” the tax cuts earlier announced some weeks ago. This is according to Aljazeera Media Network on its website. Mr. Hunt stated that this was necessary to rebuild investor confidence. 

One of these scrappings is the planned 1 percent cut on the basic rate of income tax. Notable also is the energy support scheme to assist households. Aljazeera reported that the scheme would no longer last two years, but rather, would be reviewed in April.

Hunt stated, “I remain extremely confident about the UK’s long-term economic prospects as we deliver our mission to go for growth. But growth requires confidence and stability, and the United Kingdom will always pay its way.”

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