Kwasi Kwarteng’s huge tax cuts will add less than 0.1 per cent to GDP each year, a new analysis is warning – while costing £82bn in debt interest alone over five years.
The chancellor’s plan – which has forced the Bank of England to intervene to calm market turmoil – will fail to haul the UK’s stagnant economy up to his target of 2.5 per cent annual growth, the study warns.
