Jeremy Hunt, the new British Chancellor of the Exchequer, said in a statement on the 17th that he would cancel "almost all" tax cuts in the large-scale tax reduction plan announced by the government in September this year. Hunter said in a video speech on the same day that the cancellation of tax cuts is aimed at ensuring the stability of the British economy and enhancing the confidence of the outside world in the government's fiscal policy. According to the statement, the basic rate of UK personal income tax will remain at 20%, and the decision to reduce it to 19% from April 2023 will be cancelled. The dividend tax cut and VAT exemption plans for overseas tourists shopping announced earlier will also be cancelled. The statement said that the abolition of tax cuts would bring about 32 billion pounds of income to the British government every year. The statement also said that the previously announced energy price guarantee plan will only last until April 2023, rather than the two years previously announced. At that time, the UK Ministry of Finance will decide how to continue to support UK households and businesses in terms of energy bills after reassessment. On September 23, the British government announced a large-scale tax reduction plan to boost the economy, but it caused financial market shocks, and the exchange rate of sterling against the US dollar once hit a record low. Analysts believe that the plan has limited effect on stimulating economic growth, but it will significantly increase government debt and inflation risks, and widen the gap between rich and poor. (Liu Xinshe)