The announcement was made earlier today by chancellor Jeremy Hunt, who replaced Kwasi Kwarteng on Friday last week.

Today’s cancelling of much of the mini-budget was presaged by a rowing back of corporation tax cuts on Friday, which itself was a second major U-turn by the Liz Truss government.

Alongside the remaining stamp duty cuts, the new chancellor said today that the scrapping of the national insurance rise would stay put and that the support for energy bills will be reviewed in April rather than in two years’ time.

And plans to repeal the IR35 reforms will not go ahead.

“The most important objective for our country right now is stability. Governments cannot eliminate volatility in markets, but they can play their part, and we will do so. Because instability affects the prices of things in shops, the cost of mortgages and the values of pensions,” Hunt said.

LiveMore managing director Simone Webb says: “Jeremy Hunt’s speech is a huge U-turn for the government and basically puts us back to the position we were in before the mini budget. It is positive that the stamp duty cut will stay in place, but more important will be its effect on the markets.

“This was clearly a speech to bring a level of much-needed stability and confidence back. While interest rates were already on an upward trajectory, the level of rises we have seen in the past fortnight has outstripped most people’s ability to cope. We all need to hope that this speech and the next fiscal statement on 31 October will be enough to steady the markets enough that lenders can reprice and reintroduce the hundreds of mortgage products that necessarily had to be pulled due to market instability.”