Everything you need to know about chancellor Jeremy Hunt's emergency statement

More U-turns have seen Liz Truss’s economic blueprint torn up as new chancellor Jeremy Hunt announced emergency measures intended to reassure the financial markets on Monday (17 October).

Mr Hunt confirmed he is ditching almost all the tax measures announced in Kwasi Kwarteng's mini-Budget last month, including the planned cut to the basic rate of income tax from 20 per cent to 19 per cent in April next year.

He has also abandoned plans to freeze duty rates next February, saving around ￡600 million a year.