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You might expect the pound to strengthen. but foreign currency markets gave it a decidedly grumpy response. the pound, already at its lowest since 1985, dropped 2% to $1.10, which will make it even more expensive for the government to subsidise wholesale energy priced in dollars or euros. if you think about why investors are taking that, well, they don't really believe in the fiscal position of the new government. they're worried that some of these tax cuts that have been announced aren't going to be fully funded. that will result in a large amount of debt at a time when the bank of england is...

For households at 31 billion or six months' help for businesses costing 29 billion, the government has also cut taxes for the highest earners, corporations and individuals, costing 27 billion next year, rising to 45 billion three years from now. kwasi kwarteng's so—called mini budget has implemented maxi tax cuts, bigger than any other chancellor has done in decades. this was a huge event. it's called a mini budget, this is possibly one of the biggest i have seen in 30 years of looking at budgets, and it is certainly the biggest tax—cutting event since 1972, for exactly half a century, sin...

Budget that had... it doesn't crucially— budget that had... it doesn't crucially have _ budget that had... it doesn't crucially have independent i budget that had... it doesn't- crucially have independent scrutiny and you _ crucially have independent scrutiny and you would _ crucially have independent scrutiny and you would want _ crucially have independent scrutiny and you would want independent i and you would want independent scrutiny— and you would want independent scrutinv with _ and you would want independent scrutiny with a _ and you would want independent scrutiny with a sort _ and...

Aren't going to be fully funded. that will result in a large amount of debt at a time when the bank of england is also going to be selling some of its holdings of uk government debt. here's why the city is worried. it's notjust the energy help for households at 31 billion or six months' help for businesses costing 29 billion, the government has also cut taxes for the highest earners, corporations and individuals, costing 27 billion next year, rising to 45 billion three years from now. kwasi kwarteng's so—called mini budget has implemented maxi tax cuts, bigger than any other chancellor has d...

Scrapping, £2 billion. that's about £115 billion in tax cuts, and on top of all of that, don't forget the household energy scheme. £62 billion for a full year, and the business energy scheme, £29 billion at six months — more if it's extended. so, who benefits? this is the type of analysis the government says it is not very interested in. we've split the country into income groups. there is a clear pattern. the assumption from government is that giving the richest section most of this money back will help the economy grow for everybody. so there are big choices here. but let's give it som...