Chancellor Kwasi Kwarteng’s unfunded tax-cutting spree was the wrong move at the wrong time, triggering a political and economic meltdown. Yet the worst seems to be over after he reversed his move to cut the 45 percent income tax band, while the EU is slipping into the line of fire.
Conservative Party voters love tax cuts but they do not expect them to be funded by government borrowing.
The Tories are supposed to be the party of sound money, and Kwarteng blew that by adding another £72billion to the nation’s debts to fund his spree.
Especially since he did this just days after Prime Minister Liz Truss pledged to spend up to £150bn covering our winter gas and electricity bills.
www.express.co.uk/finance/personalfinance/1678467/UK-economic-meltdown-Kwasi-Kwarteng-financial-crisis-euro-sterling