The unveiling of the “Plan for Growth” prompted the pound and the FTSE 100 to both fall sharply amid fears that the proposals drive up debt and fuel inflation.
The Institute of Fiscal Studies accused Mr. Kwarteng of a reckless gamble on the country’s finances and warned that he “bets the house” on the tax cuts.
If you have not fully understood Mr. Kwarteng’s statement, these are: the 10 most important quotes revealing his “new era”.
In a special episode of Chopper’s Politics podcast, Christopher Hope unpacks the announcement with Gordon Rayner and Tony Diver.
Bonfire of bureaucracy
The remaining EU laws will be torn apart by the end of next year as part of the Chancellor’s drive to cut unnecessary costs for UK businesses and unleash growth.
Mr Kwarteng said the bonfire of bureaucracy would lead to “a simpler system” that is easier for companies to navigate.
As Matt Oliver reports, he said government departments have been ordered to review all retained EU regulations by December 2023 – at which point they will be “automatically” lifted unless changed or replaced.
‘Breath of fresh air’
In a whirlwind of statement, Krwarteng basically drove the economic orthodoxy adopted by all conservative governments since 2010 hard and in just 30 minutes tore up the tax-evasive legacy of his predecessor Rishi Sunak.
In her analysis, Janet Daley says it was “nothing short of a revolution in the way the government used fiscal policy to bolster a political philosophy”.
And Jeremy Warner concludes it was “a breath of fresh air” that put the wealth-creating enterprise at the center again.
However, head of personal finance Ben Wilkinson thinks Mr. Kwarteng missed one crucial thing… What do you think? Give your opinion.
Commentary and analysis
Around the World: Biden Sends Secret Nuclear Warning
The US has sent classified messages to Russia warning that it will face serious consequences if it carries out a nuclear attack in Ukraine. Deliberately vague, the memos are designed to keep the Kremlin guessing about how Joe Biden, the US president, would react. The revelation came after Vladimir Putin, the Russian president, threatened to retaliate with nuclear weapons. It came as told only by sources The Telegraph that Moscow-backed troops are going door to door armed with machine guns forcing Ukrainians to vote in “sham” referendums that will annex newly occupied territories to Russia.
Friday interview: Up close with the culture’s most intrepid protesters
A decade of Kremlin repression – and Western contempt – has not destroyed the spirit of Pussy Riot. The Russian band tells Colin Freeman what drives them to not stop taunting Vladimir Putin. Read the interview
Sports briefing: Raducanu looks back at her best
While the eyes of the tennis world are glued to The approaching farewell of Roger Federer, Emma Raducanu has been enjoying herself 8,000 miles away in the South Korean capital of Seoul. Raducanu played the number 51 of the world ranking Magda Linette in today’s quarterfinals, dropping just four games. tennis correspondent Simon Briggs say it was a telling moment, as it takes her to her first semifinal since breaking through at the US Open last year — and her first in a WTA event. at cricket, follow the latest updates as Pakistan host England in the third T20 international.
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Business briefing: Guardian director quits in protest
In the news, aside from today’s mini-Budget, The Guardian is embroiled in a renewed board feud after a director quit in protest against the influence of the editor to ensure that her choice as chief executive was installed. Anders Jensen has reportedly resigned from Guardian Media Group’s board of directors just two years into his tenure, having been alarmed by the standards of scrutiny during Anna Bateson’s hiring as chief executive. Meanwhile, furniture seller Made.com announced plans to cut more than 200 jobs and offers itself for sale.
Tonight starts now
Nations League | England will play Italy tonight in Milan, their penultimate game before the World Cup in Qatar. Manager Gareth Southgate said he is willing to risk his reputation to support Harry Maguire, but the defender’s place in the squad will be complicated if he continues to sit out games at club level. Chief football writer Sam Wallace investigates if he will be able to take the lifeline. Kick-off is at 7:45 PM. Follow live coverage. With only one game left (against Germany at Wembley next Monday) before the World Cup, our writers pick their 26-strong roster.
Three things for you
And finally… for tonight’s downtime
Flying high? | On the other side of the Channel, there are whispers that there should be a ban on emission-generating private jets by 2030. Should the UK follow suit? Amanda Hyde dispute that the French have the right idea when it comes to private jets. Do you agree? Participate the debate here.
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