Deputy Editor's View: Throwing the kitchen sink

In a bid to stave off recession (although the Bank of England this we are already there) Kwarteng, among other things, halted the planned rise to corporation tax, cut stamp duty to get keep the housing market moving and made cuts to income tax - basic rate of income tax has been reduced to 19p and the 45% top rate of tax for higher earners abolished. It is, according to the director of the Institute for Fiscal Studies, the biggest tax-cutting event since 1972. But it didn't stop there, the cap on bankers' bonuses has been removed, a previously confirmed U-turn on National Insurance co...