Hunt, who replaced Kwasi Kwarteng as Chancellor on Friday, brought forward his fiscal statement by two weeks in an attempt to stabilise the markets.

In his statement this morning, Hunt declared the reversal of the proposed £45bn of unfunded tax cuts to a new total of £32bn.

The 1p cut to income tax is to be delayed ‘indefinitely’ until the UK’s finances improve - instead of being introduced in April 2023.

In addition, the energy price guarantee will only extend until April, not for two years as originally planned.