Portrait of the week: Chancellor unveils his unBudget, Hilary Mantel dies and corgi prices soar
Home Kwasi Kwarteng, the Chancellor of the Exchequer, presented a far-reaching ‘fiscal event’ (ineligible to be called a Budget), said to have cut more tax than any measure since 1972. The markets’ immediate response was to sell pounds, and sterling fell to $1.07 (though the euro also continued in its own decline against the dollar and the Chinese yuan fell sharply). The Treasury defensively said it would publish proposals for dealing with its debt and the Bank of England said it would buy government bonds to help ‘restore orderly market conditions’. The IMF spoke out, inviting the government to ‘re-evaluate’ its tax changes. The unBudget had reduced the 45 per