The new Chancellor, Jeremy Hunt has come out fighting to stabilise the financial markets by making further U-turns on Kwasi Kwarteng’s poorly thought-out mini-budget.

Firstly, he has delayed the brilliant drop in basic rate income tax from 20% to 19% by a tax year. This was by far the best part of Kwasi’s budget that would put more money in the hands of hard-working taxpayers. This will increase the income tax liability for 23/24 by £37,700 x 1% =£377.

In addition, he has decided to repeal Kwasi’s measures to simplify the IR-35 rules which will result in freelancers and contractors having income tax and national insurance deducted from their invoices at source by medium and large private-sector organisations.

I am very disappointed by these measures as both of Kwasi’s measures would help both individuals and businesses cope with the cost-of-living crisis and help grow the economy.

These U-turns have further damaged Liz Truss’s credibility and emphasise the importance of balancing the books and good financial stewardship that accountants advocate.

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