mystery and it just seemed that every sri lankan atrocity, we never deal with it, we kind ofjust move on. the british prime minister liz truss has apologised for mistakes in the government s financial strategy a strategy that she set in motion. the majority of measures in her so called mini budget have been reversed by her new finance ministerjeremy hunt. he was in parliament to explain why the economic policy was being scrapped. the prime minister herself was keeping a low profile. in a moment, we ll hearfrom her. first, our political editor chris mason has the story of how the day unfolded. first thing this morning, it felt like a government on the run. sorry about the rain, guys. the new chancellor was even apologising for the weather. jeremy hunt was jogging before dawn thought of breaking. any more u turns? the answer was yes. news was already breaking. mr hunt was performing the last rites on almost all of liz truss s plans her programme for government dead. living
we never deal with it, we kind ofjust move on. the british prime minister liz truss has apologised for mistakes in the government s financial strategy a strategy that she set in motion. the majority of measures in her so called mini budget have been reversed by her new finance minister jeremy hunt. he was in parliament on monday to explain why the economic policy was being scrapped. the prime minister herself was keeping a low profile. in a moment, we ll hear an exclusive interview with her. but first, our political editor chris mason has the story of how the day unfolded. first thing this morning, it felt like a government on the run. sorry about the rain, guys. the new chancellor was even apologising for the weather. jeremy hunt was jogging before dawn thought of breaking. any more u turns? the answer was yes. news was already breaking. mr hunt was performing the last rites on almost all of liz truss s plans her programme for government dead. living hour by hour. this i
struggling with symptoms. let s start here in the uk, where the new chancellorjeremy hunt has ditched almost all of prime minister liz truss tax cuts announced in the government s mini budget three weeks ago. the financial markets reacted positively to the news, with the pound rising against the us dollar and uk gilts falling. in total £32 billion of the £45 billion in tax cuts have been shelved, these include. the planned 1p cut in the basic rate of income tax is now on hold indefinitely, with the rate remaining at 20%. the cap on energy prices charged to households is now only guaranteed until april next year. for a typical household, it means an annual bill will not rise above £2,500 for the next six months. but plans to cancel the 1.25% increase in national insurance contributions will still go ahead, along with a reduction in stamp duty, and the cap on bankers bonuses will still be scrapped. joining me now is chris southworth, who s the secretary general of the uk i