The revelation of the “Plan for Growth” prompted the pound and the FTSE 100 to fall sharply on concerns that the proposals increase debt and fuel inflation.
The Institute for Fiscal Studies accused Mr Kwarteng of recklessly risking the country’s finances and warned that “bet the house” on tax cuts.
If you haven’t read Mr. Kwarteng’s statement in its entirety, these are 10 key quotes which reveal his “new age”.
V special episode Chopper’s politics podcast, Christopher Hope unpacks the post with Gordon Rayner and Tony Diver.
Bonfire of bureaucracy
Remaining EU laws are due to be scrapped by the end of next year as part of the Chancellor’s drive to cut unnecessary costs for British businesses and unlock growth.
Mr Kwarteng said cutting red tape would lead to a “simpler system” that would be easier for businesses to navigate.
Like Matt Oliver reports, he said, were government departments ordered a review of all retained EU regulations until December 2023 – until that point they will be “automatically” phased out unless modified or replaced.
‘Breath of fresh air’
In a whirlwind of a statement, Mr Krwarteng effectively rode on the economic orthodoxy embraced by every Conservative government since 2010 and in just 30 minutes ripped apart his predecessor Rishi Sunak’s tax-grabbing legacy.
inside her analysis, Janet Daley says it was “nothing less than a revolution in the way government used fiscal policy to reinforce political philosophy”.
and Jeremy Warner notes that it was “a breath of fresh air” which puts the wealth-creating company back at the center.
Commentary and analysis
Around the world: Biden sent a secret nuclear warning
The US is sending secret messages to Russia to warn it will face dire consequences if it carries out a nuclear strike in Ukraine. Deliberately vague, the memos are designed to keep the Kremlin guessing about how Joe Biden, the president of the United States, would react. The revelation comes after Russian President Vladimir Putin threatened to retaliate with nuclear weapons. It has come, as sources have exclusively told The Telegraph that they are Moscow-backed forces they go door to door armed with machine guns forcing Ukrainians to vote in “sham” referendums that will annex the newly occupied territories to Russia.
Friday’s Interview: Up Close With Culture’s Most Fearless Protesters
A decade of repression from the Kremlin – and contempt from the West – has not dampened the spirit of Pussy Riot. The Russian group says Colin Freeman what drives them not to stop insulting Vladimir Putin. Read the interview
Sports Briefing: Raducanu looks back at his best
While the eyes of the tennis world are on Roger Federer’s imminent farewell, Emma Raducanu is enjoying herself 5,000 kilometers away in the South Korean capital of Seoul. In today’s quarterfinals, Raducanu played the world’s 51st player Magda Linette and lost only four games. Tennis Correspondent Simon Briggs he says it was a telling moment, as it takes her to her first semifinal since last year’s US Open breakthrough — and her first at any WTA tournament. In cricket, stay tuned for the latest updates Pakistan hosts England in the third T20 International.
By editor’s choice
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Business briefing: Guardian director resigns in protest
In news aside from today’s mini-budget, The Guardian is embroiled in a renewed row over directorship left in protest at the influence his editor had to ensure that her choice was appointed as CEO. Anders Jensen is said to have resigned from Guardian Media Group’s board just two years into his tenure, troubled by the standards of oversight during the recruitment of Anna Bateson as chief executive. Meanwhile, furniture retailer Made.com has announced plans to cut more than 200 jobs and put himself up for sale.
Tonight starts now
League of Nations | England take on Italy in Milan tonight – their penultimate game before the World Cup in Qatar. Manager Gareth Southgate has said he is willing to put his reputation on the line to back Harry Maguire, but the defender’s place in the team will be complicated if he continues to miss games at club level. Chief Football Writer Sam Wallace inspects if he manages to grab the life belt. It starts at 19:45. Follow the live stream. With just one game left (against Germany at Wembley next Monday) before the World Cup, our writers choose their team of 26.
Three things for you
And finally… for tonight
Fly high? | Across the Channel, there are whispers of a ban on emissions-spewing private jets by 2030. Should the UK follow suit? Amanda Hyde claims that The French have the right idea when it comes to private jets. Do you agree? join debate here.