After the excitement of the past week, with politicians throwing themselves on the funeral pyre of insanity, it’s time to turn to more mundane, but important, matters. Yes, I’m talking about Inheritance Tax, or IHT as the professionals call it.

It was was a landmark government u-turn yesterday when new Chancellor Jeremy Hunt scrapped almost all of the mini-Budget published by his predecessor Kwasi Kwarteng.

This is the full text of Chancellor Jeremy Hunt's speech to MPs this afternoon (17.10.22), explaining why he has reversed of many of the changes announced in the mini-Budget on 23 September.

In another major government U-turn, new Chancellor Jeremy Hunt has scrapped almost all the measures announced in September’s mini-Budget by predecessor Kwasi Kwarteng, apart from the cut to National Insurance and cuts to stamp duty.