New British Chancellor of the Exchequer Jeremy Hunt announced on Monday the reversal of “almost all fiscal measures” announced three weeks ago by his predecessor Kwasi Kwarteng, which threw British markets into chaos, AFP and Agerpres reported.

Jeremy Hunt, who was appointed as emergency on Friday, stressed that the British government’s priority was to restore “stability”.

Among the main measures announced on Monday was a reduction in the period during which the cap on household electricity bills will be in place – only until April next year, rather than for two years.

Hunt also said there would be “further difficult decisions” to be announced on government spending as well as tax-related issues.

These measures will allow the government to collect approximately 32 billion pounds (36.2 billion euros) a year, estimates the British finance minister.

The former Chancellor of the Exchequer announced in London on September 23 the largest package of tax cuts to be introduced in Great Britain in the last half century.

Political unrest in London over tax measures

“Our plan is to expand supply in the economy through tax cuts and reforms… In this way, we will turn the vicious circle of stagnation into a positive cycle of growth,” Kwasi Kwarteng told parliament at the time.

The British press reported on Monday that Conservative MPs will try to oust Prime Minister Liz Truss this week, despite warnings from Downing Street that it could trigger an early election.

Great Britain, plunged into political crisis, has replaced three prime ministers after voting to leave the European Union in 2016.

Truss, who won the leadership of the Conservative Party last month by promising tax cuts, is fighting for political survival after scrapping key parts of his programme.

The chaos has fueled discontent within the party, which is trailing Labor in the polls.