Ministers are now planning to double down on radical plan for supply-side reforms that they hope will grow the economy in the coming years
Sterling’s value slumped to $1.09, its lowest level in decades, after Mr Kwarteng announced tax cuts costing up to £45bn a year at a time of double-digit inflation.political disaster if it does not boost growth
But Mr Kwarteng told the BBC: “I don’t think it’s a gamble at all. What was a gamble, in my view, was sticking to the course we were on. We had taxes at a 70-year high, highest since the late 1940s, and that was unsustainable.” His fiscal statement included a surprise cut in the basic rate of income tax, and scrapping the 45p additional rate currently levied on anyone earning £150,000 or more.from this year’s changes to the tax system, with the freeze in the thresholds at which people pay the basic and higher rates of income tax wiping out the effect of cuts to income tax and national insurance.
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