With Kwarteng’s mini-Budget the government has made an almighty gamble

Sidelining spending watchdog has ramped up market fears about UK’s finances

This was presented as a pro-business mini-Budget by Kwasi Kwarteng. But that is not how it is being received in some boardrooms across the City.

Instead, there is growing concern about the fiscal risks presented by Mr Kwarteng’s radical, big-borrowing bet.

Not only did the chancellor announce that measures to combat the surge in energy prices – expected from any government – would cost £60bn in the first six months, but he also made huge additional tax cut commitments, estimated to be worth around £45bn.