Liz Truss news LIVE – Jeremy Hunt and PM face down MPs as they complete U-turn on mini-budget tax cuts after statement | The Sun

JEREMY Hunt has today spectacularly junked almost all of Liz Truss' chaotic mini-Budget in an urgent bid to reassure rattled markets.

In a TV statement, new Chancellor Jeremy Hunt ripped to shreds most of the £45billion worth of tax cuts that sent the economy into a tailspin.

Next year's 1p income tax cut has been iced "indefinitely" and alcohol duty will now also rise along with other taxes.

The scheme that caps energy prices will be "reviewed" from April – with Brits likely forced to pay more for heating bills from then.

Mr Hunt is now facing the Commons as MPs sharpen their knives for embattled PM Liz Truss, who is fighting for her political survival.

Read our cost of living live blog below for the latest updates….

  • Jack Elsom

    Hunt fails to rule out further windfall tax

    Jeremy Hunt says "nothing is off the table" when asked about imposing a tougher windfall tax on energy giants.

    Liz Truss railed against the tax during the Tory leadership election, claiming they hammer business.

  • Jack Elsom

    New poll puts Labour 36 points ahead

    A shock poll has put Labour a stonking 36 points ahead of the embattled Tories.

    The Redfield and Winton survey has Sir Keir Starmer on 56 per cent, leading Liz Truss' 20 per cent.

  • Jack Elsom

    Hunt fiercely defends Tory record

    Jeremy Hunt has delivered a passionate defence of the Tories' 12-year record in government.

    He threw down the gauntlet for Labour to support spending restraint when he unveils his plan to get debt falling on October 31.

  • Jack Elsom

    Stony-faced Truss sits besides Hunt

    Liz Truss appears stony-faced as she sits besides Jeremy Hunt during his statement.

    She usually enjoys the to-and-fro of the Commons drama, but today looks emotionless.

  • Jack Elsom

    Rachel Reeves: Truss in office but not in power

    Labour's shadow chancellor Rachel Reeves said Liz Truss has "smashed to smithereens everything that she stands for".

    She added: "It is absurd. The Prime Minister is barely in office, and she is certainly not in power."

  • Jack Elsom

    Hunt unveils New Economic Council

    Jeremy Hunt has unveiled a new panel of economic gurus to advise the Treasury.

    It includes Rupert Harrison, formerly George Osborne's chief of staff in the Treasury.

  • Jack Elsom

    Debt plan to come on October 31

    Jeremy Hunt confirms he will unveil a full-costed plan to wrestle down debt on Halloween.

    The October 31 statement will come alongside an OBR forecast of the nation's finances.

  • Jack Elsom

    Jeremy Hunt recaps on mini-Budget shredding

    Jeremy Hunt recaps his morning statement where he ripped up almost all of Liz Truss' doomed mini-Budget.

    It includes scrapping next year's 1p income tax cut and putting up Corporation Tax.

  • Jack Elsom

    Jeremy Hunt: Markets need certainty

    The new Chancellor goes out of his way to reassure nervous markets.

    He tells MPs: "We need to do more, more quickly, to give certainty to the markets about our fiscal plans and show through action and not just words, that the United Kingdom can and always will pay our way in the world."

  • Jack Elsom

    Jeremy Hunt says decisions are of "eye-watering difficulty"

    The new Chancellor says the decisions to rip up the mini-Budget were of "eyewatering difficulty".

    He tells MPs "this government will take the difficult decisions necessary to ensure there is trust and confidence in our national finances".

  • Jack Elsom

    Jeremy Hunt begins his statement

    New Chancellor Jeremy Hunt has risen to his feet to tell MPs he is ripping up Liz Truss’ mini-Budget

  • Jack Elsom

    Liz Truss arrives in the Commons

    After some confusion, Liz Truss does arrive in the Commons for the Chancellor's statement.

    She will sit beside Jeremy Hunt as he tells MPs most of her mini-Budget is being ditched.

  • Jack Elsom

    Cabinet Minister tells plotters to pipe down

    Top Tories are furious that supporters of Rishi Sunak are plotting to oust Liz Truss.

    On Cabinet Minister tells The Sun: "Team Rishi’s efforts are fuelling the destabilisation of the government.

    "This in turn is fuelling market volatility. They should stop being bad losers and desist."

  • Henry Moore

    Reports claim Truss is in Westminster

    Sam Coates of Sky News has said that Liz Truss is in Westminster, despite not attending this afternoon's urgent questions.

    Penny Mordaunt, who is standing in the PM's place, has expressed that there are very serious reasons why Mrs Truss has not attended.

  • Henry Moore

    Liz Truss misses UQ for a 'for a very good reason'

    Penny Mordaunt has said Liz Truss has missed this afternoon's urgent questions "for a very good reason."

    Mrs Mordaunt said the PM wished to attend but for unknown reasons could not.

  • Henry Moore

    Penny Mordaunt slams Keir Starmer

    During today's urgent question, Keir Starmer commented that Penny Mordaunt was having her "15 minutes of fame."

    Mrs Mordaunt quickly responded to the jab, saying: "I'm quietly confident the honourable gentleman will not have his 15 minutes".

  • Henry Moore

    Penny Mordaunt denies Tory revolt

    Penny Mordaunt has denied that the Tory party is set to oust Liz Truss.

    Speaking in the Commons she said: "I don't think there has been a coup."

    Mrs Mordaunt praised the PM's courage as she defended her leadership.

  • Henry Moore

    'Where on earth is the Prime Minister?' asks the SNP

    The SNP's deputy Westminster leader Kirsten Oswald put the question to Penny Mordaunt in the Commons this afternoon.

    "Where on earth is the Prime Minister?" she asked.

    Liz Truss took the decision not to attend Labour's urgent question this afternoon, with former leadership rival Penny Mordaunt taking her place.

  • Henry Moore

    Penny Mordaunt apologises for the mini budget

    "I am sorry that the events leading to the changes today have added to the concerns about the major volatility that was already there existing in the economy. That’s why we are putting it right today," Mrs Mordaunt said in the Commons.

  • Henry Moore

    Keir Starmer accused of having a 'short memory'

    "It's only nine months ago when some of his senior colleagues were searching to see whether there could be a better leader of the opposition than him," Sir Peter Bottomley, the Father of the House of Commons said of Labour leader Keir Starmer.

    He went on to say: "When circumstances change, it is right for policy to change. 

    "And if what's announced today leads to lesser inflation and the cost of borrowing and a greater chance this country can get back to prosperity, it's worth doing well." 

  • Henry Moore

    Penny Mordaunt hails Liz Truss's 'courage'

    "She did not hesitate to do so because her focus is on the wellbeing of each one of our citizens. It took courage to do it," Ms Mordaunt tells the Commons, speaking of today's policy change.

    She went on to attack a number of u-turns made by the labour party since Keir Starmer became leader.

  • Henry Moore

    PM 'detained on urgent business'

    Penny Mordaunt says the PM could not be present in the Commons this afternoon, because she was 'detained on urgent business'

    This comment was met with laughter from the opposite bench.

  • Henry Moore

    Liz Truss accused of crashing the economy at '100 miles per hour'

    "Government borrowing costs have soared, mortgage rates have ballooned, markets need reassuring, and there is long-term damage that can’t be undone," Keir Starmer, the Labour leader said.

    "Once you’ve crashed the car at 100 miles an hour, you’ve damaged it for good, and you’re going to be paying much more on your insurance for years to come."

  • Henry Moore

    Liz Truss 'did the right thing' Penny Mordaunt says

    Penny Mordaunt has defended the PM in the Commons, saying she did the "right thing" to bring "stability" to the UK.

    She hailed the PM's courage in changing her approach.

  • Henry Moore

    Starmer slams Liz Truss

    Speaking now in the Commons Keir Starmer slammed the PM, asking why she did not appear to answer his urgent question, instead sending Penny Mordaunt.

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