Using more than £70bn of increased borrowing, Kwasi Kwarteng announced the biggest programme of tax cuts in 50 years, including abolishing the top rate of income tax for the highest earners
Prime Minister Liz Truss and her new chancellor have been forced to defend their controversial tax cuts, with the former vowing to usher in a"decade of dynamism".
But the £45bn package was met with alarm by leading economists, Tory MPs and financial markets, and sent the pound tumbling to fresh 37-year lows.Some economists have predicted sterling could plunge to parity with the US dollar by the end of the year. Such a slump could trigger a rebellion from Tory backbenchers, who could refuse to vote for the government's finance bill or submit letters of no confidence, the Telegraph reported, citing backers and critics of the prime minister.More on Budget
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