In a very short press conference on Friday
backtracked on the scrapping of the 45p top rate income tax and reinstated a planned increase in corporation tax, saying the mini-budget"went further and faster than markets were expecting".It is hoped today's statement will stabalise the economy which has recently seen the value of the pound slump to a record low of $1.
Mr Hunt will then deliver the full Medium-Term Fiscal Plan to be published alongside a forecast from the independent Office for Budget Responsibility on 31 October.
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