Liz Truss and Kwasi Kwarteng, the UK’s new prime minister and chancellor of the exchequer, are gamblers on a huge scale. According to the Institute for Fiscal Studies, the two-year energy package set out by Kwarteng on September 8 is likely to cost £100bn (4 per cent of gross domestic product) in the first year alone. Its total cost might be £150bn. To this should be added permanent tax cuts amounting to more than 1 per cent of GDP, expected … read more »
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