New U.K. finance minister scraps 'almost all' of controversial tax cut plan
Chancellor of the Exchequer Jeremy Hunt leaves 10 Downing Street on Monday. Photo: Leon Neal/Getty Images, said Monday he was reversing "almost all" of a controversial economic plan as he attempts to calm markets and stabilize Prime Minister Liz Truss' government.
Her government had previously reversed two other key aspects of the plan — cuts to taxes paid by corporations and the country's highest earners.Hunt revealed Friday that only a cut to national insurance — a social security tax — and a small stamp duty cut would remain from the original plan, saying "it is not right to borrow to fund this tax cut.""A central responsibility for any government is to do what's necessary for economic stability," Hunt said.
"No government can control markets, but every government can give certainty about the sustainability of public finances," he added.
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