Britain's new finance minister announced gutting of government regulations

On Monday, Britain's new finance minister announced a reversal of most of the tax-and-spending measures that the British government had previously come up with. Currently, the government is frantically trying to cope with the turmoil on the financial markets and to restore public trust. 

Only four days into the job, Jeremy Hunt scrapped  “almost all” of the elements of the taxation policy announced by his predecessor three weeks ago. According to him, the policy reversal will allow the authorities to raise 32 billion pounds ($36 billion) a year. 

Сut to the basic rate of income tax, which should take effect from April 2023, has been postponed “indefinitely”. The government also announced that it will cap gas and electricity costs for businesses and households only for seven months instead of two years.

These moves amount to a gutting of Prime Minister Liz Truss's “growth plan”, putting her political position at risk.