Sterling tumbles to lowest point since 1985 on radical UK budget

Mark Paul: Runaway public spenders are like climate change deniers who want our kids to pick up the tab

Responding to the financial turmoil that followed his statement, he said: “Markets move all the time. It’s very important to keep calm and focus on the longer-term strategy.” Mr Kwarteng has staked the political fortunes of the Conservative party on the bet that the radical tax cuts and deregulation will raise Britain’s sluggish growth rate to 2.5 per cent.

In contrast with previous big tax cuts in the 1980s, Mr Kwarteng will borrow tens of billions of pounds to fund his plans, adding to demand at a time when the Bank of England is raising interest rates to bring inflation under control.

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