Pound Plummets as UK Government Announces Biggest Tax Cuts in 50 Years

Don't call it a budget - but it is the biggest budget intervention we've seen in decades, largely at odds with what twelve years of Conservative Chancellors have told us.

The Office of Budget Responsibility was stopped from publishing forecasts it had been working on, so the test of whether it is responsible was largely left to the financial markets.

The Chancellor claims he's unleashing "the power of the private sector".