New chancellor Jeremy Hunt takes full control as plotters circle wounded Truss

Jeremy Hunt is to delay the penny cut to income tax — the flagship announcement in the disastrous mini-budget — as cabinet ministers warn that the prime minister’s time is up and backbenchers plot to oust her.

In the latest in a series of government U-turns, the new chancellor is expected to announce that plans to reduce the basic rate of income tax next April will be pushed back by a year.

The 19 per cent rate will now take effect at the time previously proposed by Rishi Sunak, Liz Truss’s leadership rival.

Jeremy Hunt admits mistakes were made

Hunt, now widely seen as the most powerful figure in government, yesterday used a series of broadcast interviews to signal his plan to upend the prime minister’s economic strategy in an