Support for household and business energy bills beyond April will also be reviewed, chancellor announces.
The government will reverse almost all the tax cuts it announced last month, Chancellor Jeremy Hunt has said.
But Mr Hunt said the cuts to stamp duty paid on house purchases and the scrapping of the National Insurance rise would continue.
He also announced that beyond April support for household and business energy bills would be reviewed.
Mr Hunt said economic growth required “confidence and stability”, adding the UK “will always pay its way.”
Among the measures to be reversed are plans to cut the basic rate of income tax from 20p to 19p from April.
Mr Hunt said the rate would remain at 20p “indefinitely until economic circumstances allow for it to be cut”.