London (AP) — New U.K. Treasury chief Jeremy Hunt has reversed most of an economic package announced by the government just weeks ago, including a planned cut in income taxes. Hunt said Monday he was scrapping “almost all” the tax cuts announced last month by the Conservative government and also signaled that public spending cuts are on the way. It was a bid to soothe turbulent financial markets spooked by fears of excessive government borrowing. Hunt said a planned 1 percentage point cut to the basic rate of income tax that had been due to take effect next year won’t happen. He also scaled back a cap on energy prices designed to help households pay their bills.