Kwarteng accused of reckless mini-budget for the rich as pound crashes

Economic gamble of sweeping tax cuts leaves markets, opposition MPs, thinktanks and even Tories aghast

Kwasi Kwarteng has been accused of delivering a reckless mini-budget for the rich after his £45bn tax cutting package sent the pound crashing to its lowest level against the dollar in 37 years.

In a high-risk strategy designed to revive Britain’s stagnant economy, the new chancellor announced more than £400bn of extra borrowing over the coming years to fund the biggest giveaway since Tony Barber’s ill-fated 1972 budget.

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Source : Kwarteng accused of reckless mini-budget for the rich as pound crashes