London | Kwasi Kwarteng’s first “mini-budget” turned out to be the biggest British tax-cutting event for 50 years, prompting senior government figures to talk of the chancellor of the exchequer’s “shock and awe” approach.
It certainly shocked the markets. By the time Mr Kwarteng had delivered his tax-cutting, debt-fuelled “plan for growth” in the House of Commons on Friday, sterling was tumbling and government borrowing costs were spiking.
