An economics expert has warned households are in for "an incredibly tough time" as a consequence of the Chancellor's dramatical reversal of last month's mini-Budget.

Earlier today, Jeremy Hunt announced he was rowing back on many of the announcements made by his predecessor Kwasi Kwarteng just three-and-a-half weeks ago.

That included planned income tax cuts and slashing the energy price promise made by Prime Minister Liz Truss from two years to just six months.

It is likely to be replaced by a more targeted level of support to those most at need.

But it may also expose many of us to the potential of the full blast of soaring energy bills after the support ends in April.

In addition, households face the likely continuing rise in interest rates - sending mortgage repayments up yet further - while inflation continues to hit highs of around 10% - further squeezing family budgets.

Explains economist Professor Catherine Robinson, deputy dean of the Kent Business School at the University of Kent: "That's the downside of the announcement today. The markets may be reassured, but we are still in for an incredibly tough time with regards to individuals and consumers in general.

"There is that huge uncertainty and fear, I think, around energy prices.

"We have assurances this plan will stay in place until April which is a good thing, but there was quite a lot of research done, especially by the National Institute of Economic and Social Research, who had done work prior to the mini-Budget, that had talked about a more targeted energy support package that would have cost the UK taxpayer less, but would have supported those households most in need.

"As things currently stand, it's a very blanket approach, which is easy to administer and lots of people will feel some benefit, but it's not necessarily addressing those who will experience real hardship."

Earlier, in a televised statement, designed to calm market fears, ahead of an address to the House of Commons this afternoon, the Chancellor had said: "The biggest single expense in the growth plan was the energy price guarantee.

"This is a landmark policy supporting millions of people through a difficult winter and today I want to confirm that the support we are providing between now and April next year will not change.

"But beyond that, the Prime Minister and I have agreed it would not be responsible to continue exposing public finances to unlimited volatility in international gas prices.

"So I am announcing today a Treasury-led review into how we support energy bills beyond April next year.

"The objective is to design a new approach that will cost the taxpayer significantly less than planned whilst ensuring enough support for those in need.

"Any support for businesses will be targeted to those most affected."

In what has been termed one of the most astonishing U-turns in modern political history, Dr Robinson believes enough may have been done to avert further market upheaval.

She added: "When they announced the mini-Budget, only one side of the balance sheet had been addressed and that's what made the markets very jittery. They were talking about what they were going to spend, but hadn't talked about how they were going to fund it.

"And without that detail the markets were very nervous as to how this would all be afforded. For that reason there was a run on various debts the government owns, and that's why we ended up in a pickle.

"I think today's announcement has probably done enough - although there is a separate question over the whole politics of the announcement - but in terms of the economy this was very much about reassuring the markets and creating that sense of confidence in 'we know what we're doing and we're going to be responsible, we're going to be measured, we aren't going to announce anything that's not funded and we are going to live within our means'.

"It's very much the rhetoric we'd heard from Conservatives for a number of years. So from that perspective, I think everyone will feel a little more relaxed."

We may all, however, be paying a higher price as a consequence.