Mini Budget U-turn

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This is the latest on the Mini Budget U-turn.

What has the chancellor announced?

There's plenty to digest from the chancellor's surprise economic announcement.

Here's a quick recap of the key points Jeremy Hunt made in his televised address:

What goes:

• Planned 1p cut in basic rate of income tax put on hold indefinitely - rate will remain 20%
• Energy price guarantee will no longer last two years - it will last until April next year and then be reviewed to save money and better target support
• Dividend tax cut will be abolished
• VAT-free shopping, alcohol duty freeze and 2021 reforms
• Plans to repeal reforms to off-payroll working rules - also known as IR35 rule changes

What stays:

• Cuts to stamp duty and National Insurance remain in place
• No stamp duty is now paid on the first £250,000 of a property's value for all buyers in England and Northern Ireland; for first-time buyers it is £425,000
• National Insurance contributions increased by 1.25% in April but this is still being reversed next month

What is next:

The chancellor vowed there would be more difficult decisions on tax and spending, and that there would have to be cuts.