New U.K. finance minister scraps most of tax cut plan

• Truss fired Hunt's predecessor Kwasi Kwarteng on Friday after less than six weeks in office.
• Her government had previously reversed two other key aspects of the plan — cuts to taxes paid by corporations and the country's highest earners.

Driving the news: Hunt revealed Friday that only a cut to national insurance — a social security tax — and a small stamp duty cut would remain from the original plan, saying "it is not right to borrow to fund this tax cut."

• He also announced the government would scale back a cap on energy prices.

What he's saying: "A central responsibility for any government is to do what's necessary for economic stability," Hunt said. "This is vital for businesses making long-term investment decisions and for families concerned about their jobs, their mortgages and the cost of living."

• "No government can control markets, but every government can give certainty about the sustainability of public finances," he added.