Support for energy bills will also be curtailed from April, causing fresh hardship for households and businesses that are already struggling with rising prices and interest rates.
Prime Minister Liz Truss promised growth and tax cuts, but the risks of recession are mounting for the UK after her economic package backfired and forced the Treasury to raise taxes and weigh deep spending cuts.
The measures set out by Chancellor of the Exchequer Jeremy Hunt on Monday will pare £32 billion ($51.53 billion) from the £45 billion of tax giveaways Truss’s government announced last month in a mini-budget that triggered a sharp sell-off in UK assets.
