Kwarteng accused of reckless mini-budget for the rich as pound plummets

Strategy of sweeping tax cuts gets hostile reception from markets and economic thinktanks, leaving some Tory MPs aghast

Kwasi Kwarteng has been accused of delivering a reckless mini-budget for the rich after his 45bn tax-cutting package sent the pound crashing to its lowest level against the dollar in 37 years.

In a high-risk strategy designed to revive Britain's stagnant economy, the new chancellor announced more than 400bn of extra borrowing over the coming years to fund the biggest giveaway since Tony Barber's ill-fated 1972 budget.