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

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

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 …