Kwarteng says tax cuts are ‘not a gamble’

CHANCELLOR Kwasi Kwarteng has denied suggestions he is gambling with the UK economy and insisted the biggest raft of tax cuts for half a century was “absolutely fair” as his mini-Budget faced a hostile reception.

During a visit to a factory in Kent, Mr Kwarteng told reporters: “It’s not a gamble.

“What is a gamble is thinking that you can keep raising taxes and getting prosperity, which was clearly not working.

“We cannot have a tax system where you are getting a 70-year high, so the last time we had tax rates at this level before my tax cuts was actually before Her late Majesty had acceded to the throne.

“That was completely unsustainable and that’s why I’m delighted to have been able to reduce taxes across the piece.”

According to a YouGov survey, 63 per cent believed the tax plans would “mainly benefit the wealthy over the poor”, 19% thought they would be better off and 28% predicted they would end up worse off.