Following the appointment of the new Chancellor, Jeremy Hunt delivered an economic statement earlier this week, reversing much of the Prime Minister's tax cuts.
Among the announcements made by Mr Hunt on Monday, he announced that a previous pledge to freeze yearly household energy bills at £2,500 will no longer be guaranteed for every Brit.
He noted that the 'Energy Price Guarantee" will only be provided to the poorest households after April. It means that many households will lose one of the few assurances they had when tackling the cost of living crisis plaguing the country.
It comes after the Chancellor desperately tried to stabilise the markets which took a devastating blow following the announcement of his predecessor's mini-budget, the Mirror reports. Read more: LIVE: Liz Truss chairs Cabinet meeting as she clings to power following epic mini budget U-turn - latest updates Mr Hunt's economic statement has now been marked as one of the biggest U-turns in British political history, with the Chancellor backtracking on nearly every single one of his Prime Minister's policies from the mini-Budget.