Britain’s new Chancellor of the Exchequer Jeremy Hunt leaves 10 Downing Street in central London on October 14, 2022, after having a meeting with Britain’s Prime Minister Liz Truss. – Newly appointed UK finance minister Jeremy Hunt is a mild-mannered political survivor who will require all of his considerable experience to calm an economy and government beset by chaos. (Photo by ISABEL INFANTES / AFP)

Britain’s newly-appointed finance minister Jeremy Hunt said on Monday his department would review retaining its energy support package for consumers beyond this winter, as the government retreats on much of its economic agenda amid a cost of living crisis.

“I’m announcing today a Treasury-led review into how we support energy bills beyond April next year,” Hunt said in a short televised address, ahead of a longer statement on the various U-turns in parliament later.

Hunt also reversed “almost all” tax-cutting measures unveiled in last month’s budget after they rocked markets.

“We will reverse almost all the tax measures announced… three weeks ago,” Hunt said in a televised statement, conceding last month’s budget from his predecessor had harmed public finances.

AFP