After withstanding two-and-a-half years of Covid hardship, the economy finally buckled under the plan masterminded by new prime minister Liz Truss and (now former) chancellor Kwasi Kwarteng – crashing the pound just three weeks after they took office. Quite the feat.
After embarrassing U-turns on the abolition of the 45p tax rate and plans to cut corporation tax, new chancellor Jeremy Hunt ripped up most of the rest of Truss and Kwarteng’s mini-Budget on Monday (17 October) in an attempt to reassure the markets and stabilise the economy.
