Chancellor of the Exchequer, Jeremy Hunt, made a statement on Monday (17 October) revealing measures ahead of the Government's medium-term fiscal plan.

The majority of mini-budget decisions are being reversed in an effort to protect the economy, raising around £32bn a year.

The basic rate of income tax will remain at 20% instead of decreasing to 19% and will not be cut until "economic circumstances allow."

Changes to IR35 and dividend tax rates are also being scrapped, along with the VAT-free shopping scheme.

Alcohol duty rates will be frozen for one year from February 2023, while the proposed measures on stamp duty and National Insurance will stay in place.

The energy bill relief scheme will remain to help households and businesses with soaring energy costs. However, the Government will launch a treasury-led review of the scheme after April 2023.

The Chancellor confirmed the fiscal plan is still set for 31 October and said there would be "more difficult decisions" to come.

Commenting on the measures, the PM said:

"The British people rightly want stability, which is why we are addressing the serious challenges we face in worsening economic conditions.

"We have taken action to chart a new course for growth that supports and delivers for people across the United Kingdom."

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