The newly-appointed Chancellor Kwasi Kwarteng is under sharp focus today as he unveils his highly-anticipated 'mini budget' amidst the cost of living crisis and recession. In a bid to deliver Liz Truss ' ambitions for economic growth, Kwarteng is set to announce sweeping tax cuts that critics claim will aid the rich far more than the poor, with national insurance, corporation tax and stamp duty all set to be reduced.
Kwarteng has been a long-time ally of the prime minister, and landed the job just three weeks ago after Liz Truss beat Rishi Sunak in the Tory leadership contest. The Chancellor's connection to fiscal policy is no surprise, as his father was an economist. Mr Kwarteng followed the footsteps of most politicians as we went to Eton College before studying classics and history at the University of Cambridge.
For more details on the Chancellor's mini budget, follow our liveblog
During his stint at the prestigious university, the now-Chancellor enjoyed his first moment in the spotlight when he appeared on University Challenge.
His first TV gig as a contestant was very different to the formal and composed politician we'll see making the budget announcement this morning, as Mr Kwarteng made some rather awkward blunders on the show and even swore twice.
The politician was just 19-years-old when he rocked up to feature on University Challenge for the first time, and came under pressure when quizzed by broadcasting legend Jeremy Paxman during the show in 1995.
When Mr Kwarteng failed to come to the right answer, he couldn't hide his frustrations. After buzzing to answer one of the questions, he said "Oh f***, I've forgotten".
Things only got worse during the stressful TV appearance, as the Chancellor panicked and continued to blurt out the same expletive once more.
His uncouth language even made headlines in the press at the time, as it episode was mockingly dubbed "Rudiversity Challenge" by The Sun.
All was not lost, however, as Mr Kwarteng and his pals from Trinity College Cambridge went on to be crowned champions of University Challenge later that year.
He also went on to study a PhD in economic history from Cambridge, but not before he attended the prestigious Harvard University in the US on a scholarship.
The Chancellors 'mini budget' comes one day after he announced a cut in National Insurance from 13.25% back down to 12% - the level it was at before the Tory hike in April.
The government is facing pressure to further address the cost of living crisis that is hitting the most vulnerable the hardest, with the budget coming on the backdrop of soaring inflation and hiked interest rates.
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