Consumer money expert Martin Lewis has described the government's financial plan as "staggering" after the so-called mini-budget from Chancellor Kwasi Kwarteng was announced. Mr Lewis, founder of MoneySavingExpert, was reacting after the UK government announced massive tax cuts as part of a mini-budget worth billions of pounds on Friday.
It will see the top 45% rate of tax in the UK scrapped and the basic rate fall to 19% next year as well as a reversal of the rise in National Insurance, universal credit rules tightened for low-income households and the cap on bankers' bonuses lifted. Critics say the huge borrowing needed to fund the tax cuts could lead to financial disaster in the UK, which is already seeing its highest rate of inflation in four decades.
Read more: New Chancellor Kwasi Kwarteng scraps top rate of tax and cuts the basic rate to 19% next year
