This ‘mini-budget’ is a naked exercise in redistributing wealth upwards | Michael Jacobs

By cutting taxes instead of investing to grow the economy, Kwarteng's borrowing spree will have ugly economic consequences

When is a budget not a budget? When the government does not want there to be any informed analysis of its economic impacts. The only reason the Treasury has insisted Kwasi Kwarteng's statement was a fiscal event" and not a budget - despite a range of measures far exceeding the contents of most budgets - is that, since George Osborne's tenure, chancellors of the exchequer have been required by law to ask the Office for Budget Responsibility (OBR) to conduct an independent analysis of the measures taken.

And why has the government been so keen to avoid such scrutiny? Because the economic impacts are likely to look very ugly. It is more or less impossible to find an economist who supports the government's approach, or an economic model able to justify it. Indeed, the financial markets have already given their negative verdict.