Britain's Chancellor of the Exchequer, Hunt, has announced that the Truss government will "repeal almost all of the tax cuts".
There are growing calls to blame the prime minister for the unusual situation in which the flagship policies have been withdrawn one after another, and Prime Minister Truss has been forced into a difficult position just over a month after taking office.
Last week, newly-appointed British Finance Minister Hunt announced on the 17th that the Truss administration would "withdraw almost all" of the large tax cuts announced in September.
Specifically, the basic tax rate of income tax, which was supposed to be reduced to 19%, will remain unchanged at 20%.
The Truss administration withdrew its plan to freeze the corporate tax hike last week after it was pointed out that the tax cuts proposed by the Truss administration caused market turmoil such as the pound plummeting against the dollar due to concerns about financial deterioration. I just announced it.
In addition, Finance Minister Hunt announced on the 17th that he will review the utility cost control measures, which were the pillars of economic measures along with the tax cuts, from April next year onwards, as they will require a huge financial burden.
"Economic growth requires trust and stability, and stability is now the most important goal for the UK," he said.
Following the review of the policy, the pound was bought back as concerns about financial deterioration eased, and in the London foreign exchange market on the 17th, the pound was temporarily in the lower $1.14 range against the dollar.
The unprecedented situation in which the flagship policies have been withdrawn one after another has led to even stronger calls within the ruling Conservative Party to question Prime Minister Truss' responsibility, and Prime Minister Truss has been forced into a difficult position just over a month after taking office.