Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Daily Mirror
Daily Mirror
Politics
Ben Glaze

'An unusually busy Friday Commons hears Kwasi Kwarteng slash taxes for the rich'

The Commons, if it sits at all, is rarely busy on Fridays.

The business of the House on the last day of the working week traditionally consists of Private Members’ Bills where MPs can try - almost always in vain - to pass legislation on issues dear to their hearts.

Today, the MP bringing forward such an issue, was the second most powerful MP - Chancellor Kwasi Kwarteng.

The free marketeer turned back the clock with a string of U-turns on policies enacted by, *checks notes* oh yes, the Conservative Party over the last 12 years - during all of which he has sat on the Tory benches.

This may go down in history as the “Sod It Budget” where the Tories threw caution to the wind and gave up caring what people think.

The Chancellor left Downing Street armed with The Growth Plan (Getty Images)

Corporation tax hike? Abolished.

National insurance rise? Axed.

Higher rate tax level? Gone.

Bankers’ bonuses cap, imposed by the EU in the aftermath of the financial crisis? Scrapped.

Was that the distant sound echoing up the Thames the pop of Champagne corks flying out across the City?

Kwarteng seemed to relish his stint at the Despatch Box.

He is convinced these controversial measures - a gift in presentational terms to Labour - will finally unleash economic growth.

The cost? Just £72.4billion - and you don’t even have to pay!

No, the cost will be borne by our children and grandchildren through government borrowing and debt repayments.

He spent 25 minutes delivering his fiscal statement to the Commons (Sky News)

The financial markets didn’t like it as Sterling plunged to a fresh 37-year low against the US dollar, but who cares? Not this Government!

Some Tory MPs - those who understand that stuff, even tax cuts, have to be paid for eventually - did not join in the loud cheers for the Chancellor.

But most were delighted with the tax cuts - even if they realised axing the cap on bankers’ bonuses may not play particularly well in, oh I don’t know, the Red Wall that gave the party its majority.

This 25-minute, relentless rampage of hard right economic ideology could, very quickly, look very reckless indeed.

Kwarteng and Prime Minister Liz Truss will be hoping it works - and fast.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.