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October 3, 2022
New Chancellor Kwasi Kwarteng unleashed a mini-budget which included tax cuts for the rich. It had the effect of sinking the pound, crashing the mortgage market, pushing pensions to the brink and forcing a Bank of England bailout. Even the IMF urged the government to “re-evaluate” the package. Prime Minister Liz Truss did a series of disastrous radio interviews trying to defend it.