Kwasi Kwarteng’s tax-cutting mini-budget has sent financial markets into a tailspin, with UK government borrowing costs soaring and the pound slumping to a 37-year low against the dollar.
Issuing a punishing verdict on the chancellor’s “dash for growth”, traders in the City of London sent sterling tumbling on Friday amid a broad-based sell-off in response to the massive rise in public borrowing required to finance his plans.
