The Latest Breaking News on Economy

Kwasi Kwarteng’s growth plan included £45bn of tax cuts

‘Growth plan’ which has triggered market mayhem dismissed as ‘all pain, little gain’

It comes after the markets went into turmoil following the Chancellor's £45 billion package of tax cuts

Labour and the SNP called on the Westminster government to face the Commons and the markets as the Bank of England intervened with reserves to keep the UK economy stable.

The fallout from Kwasi Kwarteng’s “mini-budget” is far from over. The International Monetary Fund has criticised the “untargeted fiscal packages” and suggested the Chancellor had an opportunity in November to “re-evaluate the tax measures”. This is highly unusual language, particularly directed at a major economy such as the UK.

The airline chief said the move could potentially bankrupt the UK economy in the coming years.

Nicola Sturgeon said that the impact of the sweeping tax cuts could lead to an economic crisis worse than the 2008 global financial crash

Sir Charlie Bean, a former deputy governor of the Bank of England, said deep cuts would be needed to bring spending into line with GDP

UK inflation fell this week as fuel prices dropped