'This has been a complete humiliation for the prime minister... the damage has now been done' Labour's Pat McFadden, shadow chief secretary to the Treasury, says 'survival of the government is dependent on publicly torching everything' Liz Truss believes
New Chancellor Jeremy Hunt is going to set out another shake-up of the government’s economic plans at 11:15. He is expected to U-turn on more mini-budget announcements.This is a tax paid by employees, employers and the self-employed. The cut to NI is expected to survive.The basic rate of income tax is set to be cut from 20p in the pound to 19p next April - but this could be on the chopping block today.
The government says the bill for a typical dual-fuel household which pays by direct debit will be £2,500 a year. But you can still pay more - it depends on how much energy you use.Mortgage rates have been rising - and that trend has accelerated since Kwasi Kwarteng's mini-budget. Analysts are not expecting any big moves in the economic update today to feed through immediately though.
The Bank of England's next decision on interest rates, which guide variable rate mortgages and new fixed deals, isn't due until 3 November, but it has suggested that it may have to raise rates even higher than previously expected.The tax that you pay when you buy a property in England and Northern Ireland was cut in the mini-budget - which was supposed to remove 200,000 people from having to pay it at all and saving many others £2,500 in charges.
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