How the mini-Budget U-turn will affect your energy bills, mortgages, and more

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.

Initial plans for a £1bn cut in dividend tax and £2bn VAT-free shopping for visitors to the UK have been abandoned. Meanwhile, plans to cut Income Tax from 20p to 19p for every pound have also been scrapped.

Furthermore, a £600m freeze on alcohol duty was also left to the wind. In fact, only three major announcements from the mini-Budget will remain in place:

The Treasury also confirmed that wealthy bankers will still be allowed to receive unlimited bonuses with the cap being removed.

Q: Will my energy bill jump next April?

A: Not for everyone - but for many, yes. The government has decided to cut back on its promise to