On Monday 17 October The new Chancellor of The Exchequer, Jeremy Hunt, brought forward a number of measures from 31 October’s Medium-Term Fiscal Plan. The decisions taken are to ensure the UK’s economic stability and to provide confidence in the government’s commitment to fiscal discipline.
Included in the announcement were details of the Energy Price Guarantee and the Energy Bill Relief Scheme. The Chancellor made clear they will continue with this scheme until April next year, with a Treasury-led review being launched to consider how to support households and businesses with energy bills after April 2023. The objective of the review will be to design a new approach that will cost the taxpayer significantly less than planned whilst ensuring enough support for those in need.
In his statement the Chancellor announced a reversal of almost all of the tax measures set out in the Growth Plan that have not been legislated for in parliament. The Chancellor will publish the Government’s fiscal rules alongside an OBR forecast, and further measures, on 31 October, however in the meantime and for ease we have summarised the changes below:
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