Chancellor Jeremy Hunt has unveiled a £55 billion package of tax hikes and spending cuts in his autumn statement as he warned the UK would have to weather an economic “storm”.

Mr Hunt insisted that his autumn statement was not a return to austerity but said that “difficult decisions” were necessary in order to tackle inflation, now at a 41-year high.

What changes have been made to stamp duty?

The stamp duty cuts announced in the mini-budget will remain in place but only until March 31 2025.

The Chancellor told the Commons: “The OBR expects housing activity to slow over the next two years, so the stamp duty cuts announced in the mini-budget will remain in place but only until March 31 2025.

“After that, I will sunset the measure, creating an incentive to support the housing market and all the jobs associated with it by boosting transactions during the period the economy most needs it.”

In September, these changes mean an extra 200,000 people now avoid having to pay the tax.

Mr Kwarteng said at the time: "Home ownership is the most common route for people to own an asset, giving them a stake in the success of our economy and society.

“So, to support growth, increase confidence and help families aspiring to own their own home, I can announce that we are cutting stamp duty. In the current system, there is no stamp duty to pay on the first £125,000 of a property’s value. We are doubling that – to £250,000.”

Institute for Fiscal Studies director Paul Johnson said Mr Hunt is abolishing “about the only good policy” from Kwasi Kwarteng’s autumn mini-budget by removing the stamp duty cut in 2025.

Mr Johnson tweeted: “Shame – cuts to stamp duty announced in mini-budget to be abolished in 2025. About the only good policy in that event!”

Hunt told The Commons ahead of his statement today: “Chancellor Jeremy Hunt told the Commons: “In the face of unprecedented global headwinds, families, pensioners, businesses, teachers, nurses and many others are worried about the future.

“So today we deliver a plan to tackle the cost-of-living crisis and rebuild our economy.

“Our priorities are stability, growth, and public services.

“We also protect the vulnerable because to be British is to be compassionate and this is a compassionate Conservative government.”