The new British finance minister Jeremy Hunt has reversed nearly all of Prime Minister Liz Truss’s mini-budget that had sparked market turmoil.

He has also reined in a vast energy subsidy plan, saying the country needed to rebuild investor confidence.

Hunt was appointed on Friday to fix the public finances after Truss’s economic plan hammered the value of British assets.

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He said the country needed to generate confidence and stability before it could seek to grow the economy.