Under-fire Chancellor Kwasi Kwarteng will attempt to ease anxieties following his ‘disaster’ mini-budget in a key speech tomorrow.
His mini-budget triggered financial turmoil, was criticised by the International Monetary Fund and resulted in a £65 billion emergency intervention by the Bank of England to restore order.
The plan to axe the 45% income tax rate for top earners and scrap the curbs on bankers’ bonuses at a time when many households face a cost-of-living crisis has been condemned by political opponents and Tory critics, with Mr Kwarteng bearing the brunt of the criticism. In his speech in Birmingham, Mr Kwarteng will insist the gamble made by the Tories to cut taxes and axe red tape in the hope of increasing economic growth to an annual trend of 2.5% was the correct approach.
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