Liz Truss orders urgent review into all tax cuts in mini-budget after market panic

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    A No10 official told The Independent that staff “have been told to go through the measures and the OBR’s working line by line”.

    They added: “The turmoil in markets and the need to show fiscal prudence are being heeded. Everything is being looked at again, including tax cuts.

    “The picture will change a lot if energy measures are means-tested carefully next winter and wholesale prices calm down a little.

    “But that’s not enough on its own to balance the books as has been suggested, by getting debt down as a share of GDP.”

    The mini-budget included measures to cut the basic rate of income tax to 19p in the pound, to scrap a planned increase in corporation tax, and to end a cap on bankers’ bonuses.

    While the review is currently taking place, some of the policies announced in the mini-budget are already being voted on in the House of Commons.

    READ MORE: Doom-mongers at IMF now admit Kwasi was right, Britain WILL boom



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