Jeremy Hunt shreds Truss’s economic plans in astounding U-turn on tax

New chancellor tells Commons there will be tax rises and spending cuts, as PM dodges urgent question

Jeremy Hunt has shredded Liz Truss's economic plans in one of the most astonishing U-turns in modern political history, including slashing the energy price freeze which the prime minister had repeatedly championed.

The new chancellor dismantled almost all of the platform that Truss's leadership victory had been built on, including the majority of her tax cuts, and hinted a new windfall tax was in his sights - a move the PM had previously said she would not countenance.