The unveiling of the “Plan for Growth” prompted the pound and FTSE 100 to both fall sharply amid concerns the proposals will drive up debt and fuel inflation.
The Institute for Fiscal Studies accused Mr Kwarteng of taking a reckless gamble on the country’s finances, warning that he is “betting the house” on the tax cuts.
If you did not catch Mr Kwarteng’s statement in full, these are the 10 key quotes that reveal his “new era”.
In a special episode of Chopper’s Politics podcast, Christopher Hope unpacks the announcement with Gordon Rayner and Tony Diver.
Bonfire of red tape
Remaining EU laws are to be torn up by the end of next year as part of the Chancellor’s bid to reduce unnecessary costs for British businesses and unleash growth.
Mr Kwarteng said the bonfire of red tape would lead to “a simpler system” that was easier for firms to navigate.
As Matt Oliver reports, he said government departments have been ordered to review all retained EU regulations by December 2023 – by which point they will be “automatically” axed unless they are amended or replaced.
‘Breath of fresh air’
In a whirlwind of a statement, Mr Krwarteng effectively rode roughshod over the economic orthodoxy adopted by all Conservative governments since 2010 and tore up his predecessor Rishi Sunak’s tax-grabbing legacy in just 30 minutes.
In her analysis, Janet Daley says it was “nothing less than a revolution in the way government used fiscal policy to reinforce a political philosophy”.
And Jeremy Warner concludes that it was “a breath of fresh air” that put wealth-creating enterprise back at centre stage.
However, head of personal finance Ben Wilkinson thinks Mr Kwarteng missed one crucial thing… What do you think? Have your say.
Comment and analysis
Around the world: Biden sends secret nuclear warning
The US has been sending secret messages to Russia to warn that it will face grave consequences if it conducts a nuclear strike in Ukraine. Deliberately vague, the memos are designed to keep the Kremlin guessing over how Joe Biden, the US President, would respond. The revelation emerged after Vladimir Putin, the Russian president, issued a threat to retaliate with nuclear weapons. It came as sources exclusively told The Telegraph that Moscow-backed forces are going door-to-door armed with machine guns forcing Ukrainians to vote in “sham” referendums that will annex newly occupied areas to Russia.
Friday interview: Up close with culture’s most fearless protesters
A decade of Kremlin repression – and Western disdain – has not quashed Pussy Riot’s spirit. The Russian band tell Colin Freeman what drives them to not stop taunting Vladimir Putin. Read the interview
Sport briefing: Raducanu looks back to her best
While the tennis world’s eyes are glued to Roger Federer’s imminent farewell, Emma Raducanu has been enjoying herself 5,000 miles away in the South Korean capital, Seoul. Playing world No 51 Magda Linette in today’s quarter-final, Raducanu dropped only four games. Tennis correspondent Simon Briggs says it was a telling moment, because it carries her to her first semi-final since last year’s US Open breakthrough – and her first in any WTA event. In cricket, follow the latest updates as Pakistan host England in the third T20 international.
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Business briefing: Guardian director quits in protest
In news aside from today’s mini-Budget, The Guardian is embroiled in a renewed governance row after a director quit in protest at the influence wielded by its editor to ensure her choice was installed as chief executive. Anders Jensen is understood to have resigned from the board of Guardian Media Group just two years into his tenure because he was alarmed by the standards of scrutiny during the recruitment of Anna Bateson as chief executive. Meanwhile, furniture retailer Made.com has announced plans to cut more than 200 jobs and put itself up for sale.
Tonight starts now
Nations League | England face Italy in Milan tonight – their penultimate game before the World Cup in Qatar. Manager Gareth Southgate said he is willing to put his reputation on the line to back Harry Maguire, but the defender’s place in the squad will become complicated if he continues to sit out games at club level. Chief football writer Sam Wallace examines if he will be able to take the lifeline. Kick off is at 7.45pm. Follow live coverage. With just one more game (against Germany at Wembley next Monday) before the World Cup, our writers pick their 26-man squad.
Three things for you
And finally… for this evening’s downtime
Flying high? | Across the Channel, there are whispers of a ban on emissions-spewing private jets by 2030. Should the UK follow suit? Amanda Hyde argues that the French have the right idea when it comes to private jets. Do you agree? Join the debate here.
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