Hunt says he will “reverse almost all the tax measures announced in the growth plan“. He’s binning the cut to dividend tax, the IR35 changes, and cut to the basic rate of income tax. The government is also scrapping the two-year energy support, instead cutting off the current plan after about six months…

A No. 10 spokesperson says the Chancellor briefed the Cabinet this morning “about some of the measures he will set out later today to reassure the markets and the public that the government has a plan to get debt falling in the medium term.”

The Chancellor said that he will meet with all Secretaries of State this week to decide on future spending plans which will then be submitted to the Office for Budget Responsibility on Friday.

Devastating…