Liz Truss and I ‘got carried away’ writing mini-budget, admits Kwasi Kwarteng

Sacked chancellor says he and ex-PM failed to consider political and economic consequences

Kwasi Kwarteng has admitted he and Liz Truss got carried away" when they wrote the disastrous mini-budget that led to both of them leaving their jobs just weeks after they entered Downing Street.

Kwarteng announced a raft of tax cuts without any reduction in spending in September, which led to the pound crashing against the dollar, pension funds nearly collapsing, a 65bn Bank of England bailout, soaring mortgage costs, and the cost of government borrowing increasing. He also said he would remove the cap on bankers' bonuses.