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Chancellor reverses tax cuts and energy help in Liz Truss’ mini-budget

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The prime minister is not under a desk, declared Penny Mordaunt as she stood in for Liz Truss today in parliament - the mockery right on the edge of OK when the news is so grim.

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Earlier, in one of the greatest humiliations in British political history, the current Chancellor Jeremy Hunt had systematically reversed almost every economic policy she'd announced, scrapping or delaying tax cuts and warning of painful decisions to come.

Even the energy price guarantee, the central plank of her mini-budget, wasn't spared the chop; that will now end in April, not in two years.

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