In a bid to reassure markets and restore stability, the new Chancellor Jeremy Hunt has reversed the majority of tax cutting measures announced by his predecessor, Kwasi Kwarteng.
Mr Hunt has promised further details of his ‘Medium-Term Fiscal Plan’ on 31 October 2022, alongside a forecast from the Office of Budget Responsibility. After a particularly turbulent week in the political world, we now have a new Prime Minister and ‘further measures’ will also be announced on 31 October, which could include possible tax increases.
The current position is summarised here