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17th October 2022
11:26am BST

He said it is not right to borrow to fund this tax cut. The rate will remain indefinitely at 20p until economic circumstances allow it to be cut, he says.
The measure was announced by former chancellor Kwasi Kwarteng in September's mini-budget - he said it would benefit more than 31 million people.
https://twitter.com/PoliticsJOE_UK/status/1581956679947628545Hunt also said that a Treasury-led review will take place into how people are helped with energy bills from April next year.
Although support will stay in place for this winter, Liz Truss had previously guaranteed it would be in place for two years.
The Chancellor said the aim was to design a new approach to save taxpayers money while targeting support to those most in need.
https://twitter.com/SkyNews/status/1581953134632800256 He said: "We will continue with the abolition of health and social care levy and the stamp duty change, off payroll working reforms, the new VAT-free shopping scheme for non-UK visitors and the freeze on alcohol duty rates." The chancellor argued the plans will avoid uncertainty ahead of the full fiscal plan announcement at the end of the month.It will deliver confidence and stability, he added.
The announcement has torn up almost all of Liz Truss' financial plans that she said she would implement during her leadership campaign.
The Chancellor will address MPs in a statement to the House of Commons later this afternoon. Related links:Explore more on these topics: