It took the new British Chancellor of the Exchequer, Kwasi Kwarteng, just 25 minutes to unleash havoc when he unveiled his mini-Budget on September 23. His speech was meant to announce help for the ongoing energy crisis in Britain and provide a plan for higher economic growth. It led to an unprecedented week in which the pound plummeted, the cost of borrowing soared and ongoing conversations about a cost-of-living crisis are now being replaced with tentative fears of a financial crisis.
Unprecedented criticism
Mr. Kwarteng announced a slew of ideologically-driven tax cuts that disproportionately favour high earners. In place of policies to boost the United Kingdom’s economy to achieve a promised 2.5% growth, the Chancellor offered promises of sunlit uplands simply as a result of reversing recent tax rises (meant to fund extra investment in the National Health Service and social care), abolishing the top rate of income tax and reversing a promised rise in corporation tax.
