Are Tories good with money? - Episode 4

Has a 'mini' budget ever had such a mega effect?

With the value of the pound plumbing depths not seen for decades and the cost of borrowing rising rapidly, the verdict of the financial markets and others on Kwasi Kwarteng's plans for the economy are far from favourable.

According to an article in the Independent "Top economists, currency markets, opposition parties and some Tory MPs have reacted with dismay to the prime minister and chancellor Kwasi Kwarteng's borrowing-fuelled tax cut spree. An ex-minister in Boris Johnson's government told Sky News that the letters which could trigger a confidence vote on Liz Truss have already been sent to 1922 Committee chair Sir Graham Brady."

Referring to the sacking two weeks ago of Tom Scholar as the top civil servant at the Treasury, Nick Macpherson, another former Permanent Treasury secretary commented on Twitter "To fire your only official with serious experience of crisis management and then precipitate a crisis a fortnight later brings postmodernism to a new level".

The danger with replacing all those in government with your friends is that no-one will be there to point out the problems with your grand plans.

Just what additional problems for the UK have Truss and Kwarteng unleashed?