Will there be a revolt on the Tory right?

What is the point of Liz Truss’s government? Expect more MPs to ask that question today after Jeremy Hunt’s statement tearing up the not-so-mini Budget. The new chancellor has just announced in an address that he will be scrapping every tax cut in Truss and her then-chancellor Kwasi Kwarteng’s fiscal event bar the reversal of the national insurance hike and the cut to stamp duty. Both would have been particularly tricky to row back from given stamp duty has already happened and the NI hike has already been legislated for – with MPs voting last week. The energy support package has also been watered down.

In his message to the public – and the markets – Hunt pressed the need for economic stability. He suggested the income tax cut was off the table indefinitely – until the public finances allowed.