Rishi Sunak said it was fairytale economics. That was one thing he got right | Will Hutton

The markets have no faith in the mini-budget and the British people will soon feel its effects

Britain is on the cusp of a financial crisis. On Friday, the prime minister, Liz Truss, and the chancellor, Kwasi Kwarteng, comically parading false claims of their toughness, elected for the softest of economic options.

In a mini-budget" - an obvious misnaming to avoid presenting elementary fiscal arithmetic required by law for a proper budget - they pretended to shrink the state's financial claims while launching an unprecedented extra 411bn of public borrowing over the next five years as a plan for growth". Never in British public life has the gap between rhetoric and reality been so gaping.

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