Liz Truss news LIVE – PM apologises for mini-budget 'mistakes' as Jeremy Hunt completes economic U-turn | The Sun

LIZ TRUSS has apologised for her "mistakes" after Jeremy Hunt completed an economic U-turn on her disastrous mini-budget.

Speaking to the BBC, Liz Truss accepted responsibility for her Government going "too far, too fast" and she wanted to "say sorry for the mistakes that have been made".

In a TV statement, new Chancellor Jeremy Hunt ripped to shreds most of the £45billion worth of tax cuts that sent the economy into a tailspin.

Next year's 1p income tax cut has been iced "indefinitely" and alcohol duty will now also rise along with other taxes.

The scheme that caps energy prices will be "reviewed" from April – with Brits likely forced to pay more for heating bills from then.

Read our Liz Truss live blog below for the latest updates….

  • Louis Allwood

    Stamp duty cut remains

    Thousands of homebuyers are still set to save up to £6,250 as a cut to stamp duty will stay in place.

    Stamp duty land tax (SDLT) is a lump sum payment you have to make when purchasing property over a certain threshold.

    Under the previous system, no stamp duty was paid on the first £125,000 of any property purchase.

    The government doubled that in last month’s mini-Budget – to £250,000 – for all home purchases.

    The threshold at which the duty was paid for first-time buyers was £300,000. But this increased, to £425,000.

  • Louis Allwood

    Recap: Yesterday’s economic announcements

    • The energy price guarantee of average £2,500 a year bills will be only capped until April – with support for the richest households to end after that
    • The 1p off income tax planned for next April has been junked
    • The planned reforms to offroll pay working will go ahead as planned – and won’t be ditched as Kwasi Kwarteng wanted
    • Cutting VAT for foreign tourists visiting the UK will be ditched
    • The cuts to National Insurance and slashing of stamp duty will remain
    • That comes on top of the u-turn not to ditch the top 45p rate of tax, and to ditch plans to cut corporation tax – which have already been announced

    Truss should ‘absolutely not’ resign, says Rees-Mogg

    Leaving the Commons yesterday evening, Jacob Rees-Mogg defiantly defended Liz Truss, after some Tory MPs called for her resignation.

    “[She is] a very good prime minister,” he told PA Media, adding that she should “absolutely not” resign.

    Yesterday, Jeremy Hunt slashed almost all of Truss’s mini budget, reversing a slew of tax cuts.

    • Louis Allwood

      How much will you lose after yesterday’s income tax change?

      Yesterday, the Chancellor announced a reversal of the proposed 1p cut to income tax.

      Brits will now stand to lose up to £377 in tax cuts per year.

      How much will you lose?

    • Louis Allwood

      Liz Truss to face cabinet

      Liz Truss will face a tense cabinet meeting this morning as she fights to save her political career.

      The PM admitted her time in No10 “hasn’t been perfect”, but she's moved quickly to fix major mistakes.

    • Louis Allwood

      PM admits ‘mistakes have been made’

      The first reports from Liz Truss’s meeting with the One Nation Group of Tory MPs have been revealed.

      “The prime minister started by saying that mistakes have been made, she acknowledged them, she is bringing the party together,” Party chairman Jake Berry said, according to PA Media.

      “Colleagues who were there [were] very heavily focused on unity. Matt Hancock made a really good intervention, saying that now is the time for unity, we’ve got to get behind the PM.”

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