UK TREASURY CHIEF REVERSES NEARLY ALL TAX PLANS

New package represents a near total U-turn on the measures that were announced last month

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LONDON—New U.K. Treasury Chief Jeremy Hunt said Monday he is reversing nearly all the government’s proposed tax cuts and would pare back an energy price cap as he moves to reassure markets about the stability of the nation’s finances.

Mr. Hunt, speaking ahead of an emergency statement to Parliament on the economy, reversed planned tax cuts and said they would raise around £32 billion a year, equivalent to around $36 billion, for the government exchequer when added to earlier u-turns. He also said the two-year energy price cap for households would be scaled-back.