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.
Kwarteng said tax cuts worth more than £55,000 annually to someone earning £1m a year were part of a new direction for the economy and were designed to help boost growth to 2.5% a year. Some Labour MPs described them as a “class war”. With video » | Larry Elliott and Rowena Mason | Friday, September 23, 2022
This is capitalism at its most hideous! Kwasi Kwarteng has shown us the true face of the Tory party! These disgusting people need to be kicked out of office asap! There is capitalism and there is capitalism. This kind of capitalism disgusts any decent soul. It is inhumane and unChristian. To use Margaret Thatcher’s own words: No! No! No! – © Mark Alexander
Pound sinks as investors question huge tax cuts: The pound has fallen to a fresh 37-year low against the dollar as financial markets reacted to the biggest tax cutting moves in 50 years. »
