New UK Chancellor Jeremy Hunt said Monday he is reversing nearly all the government’s proposed tax cuts and will pare back an energy price cap as he moves to undo Prime Minister Liz Truss’s debt-fuelled growth plan in an effort to reassure markets about the stability of the nation’s finances.

Hunt, speaking ahead of an emergency statement to parliament on the economy, said “the most important objective for our country right now is stability,” as he announced a revised plan he said would raise around £32bn a year, equivalent to $36bn, for the government exchequer.