Tory backbenchers despair at ‘toxic’ mini-budget

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Tory backbenchers despair at ‘toxic’ mini-budget
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Divisions of leadership contest return to the fore as some MPs criticise extra borrowing to pay for tax cuts

Kwasi Kwarteng’s mini-budget will prove “politically toxic and economically dubious”, Conservative MPs have said as they lambasted the extra £72bn of borrowing needed to pay for swingeing tax cuts that will disproportionately benefit the very wealthy.

“I’ve never known a government that has had so little support from its own backbenches, just four sitting days in,” observed one MP. Stride criticised the Treasury’s refusal to publish fresh economic forecasts from the Office for Budget Responsibility based on the measures unveiled this week, saying the markets were getting “twitchy” and “now is the time for transparency” to “provide a calmness”.against the dollar, the former attorney general Jeremy Wright said growth depended on confidence, and that would “evaporate” if the benefits of tax cuts were outweighed by mortgage repayments rising due to higher interest rates.

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