• Appointed as Chancellor of the Exchequer on Friday 14 October by Prime Minister Liz Truss, Jeremy Hunt was first elected to Parliament in 2005 as the MP for South West Surrey. He is seen as being on the more liberal wing of the Conservative Party, and a One-Nation Tory.
  • Mr Hunt has previously served as: Secretary of State for Culture Media and Sport, during which he oversaw the London 2012 Olympics; Health Secretary, spending six and a half years in the role making him the longest serving Health Secretary; and Foreign and Commonwealth Secretary.
  • Hunt competed in the 2019 leadership election, making it to the final two, but was beaten by Boris Johnson by a large majority. Hunt was then elected Chair of the Health and Social Care Committee in January 2020.


On his fourth day in office the new Chancellor has made some big announcements in a bid to curb spending and stabilise markets. He made a public statement in the morning of 17 October, with a further statement in the House of Commons in the afternoon, which saw the reversal of almost all the tax cuts announced by Kwasi Kwarteng in the mini-budget just three weeks earlier. The Chancellor believes the measure will help raise £32bn a year. Following the morning statement, the pound rose against the dollar, the cost of government borrowing fell, and gilt-yields were stabilising. The afternoon statement saw the addition of a new economic advisory panel to provide expert advice.

Reversal of tax measures announced in the growth plan
  • The Government will not proceed with the planned cut to dividend tax rates, the freeze in alcohol duty rates, or the new VAT-free shopping for non-UK visitors.
  • The basic rate of income tax will remain at 20% indefinitely, instead of the planned fall to 19% in 2023.
  • It is worth noting that the government had already U-turned on the cut to the higher rate of income tax, which will now remain at 45%.
Energy Measures
  • The energy price guarantee between now and April 2023 will not change, but there will be a Treasury-led review on what support will look like beyond April 2023.
Corporation Tax
  • The Prime Minister has already announced the change of plans for UK Corporation Tax which will see it go up from 19% to 25% in April 2023.
  • Planned changes announced at the mini-budget to the rules on off-payroll working will no longer go ahead.



  • Businesses will be pleased by the stabilisation of markets and of the pound against the dollar.
  • Some members and businesses have previously called IR35 regulations controversial and onerous as it requires businesses to take on the burden of the regulation, so it will come as a blow to some businesses that the reforms and repeals will not go ahead and will continue as before.
  • The energy price guarantee for businesses was always due for review after six-month policy. However, there is an outstanding issue of who qualifies for energy support and what will happen beyond April 2022.


  • The Office for Budget Responsibility has confirmed its next forecast will be published on Monday 31 October, when the Chancellor will deliver a Medium-term fiscal plan, which will be fully costed.