Rishi Sunak Kwasi Kwarteng Britain Citi Enterprise Rishi Sunak Kwasi Kwarteng Britain

History would suggest Kwarteng’s hefty tax giveaway is a huge gamble

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A struggling economy. An unpopular Conservative government. A dramatic change of course. Britain has been here before. Just like Reginald Maudling in the early 1960s and Tony Barber in the early 1970s, Kwasi Kwarteng has gone for broke, with a massive package of tax cuts designed to put Britain on a higher growth path.The chancellor will be crossing his fingers that his experiment has a happier ending than those of his predecessors, neither of which ended well.

It is one huge gamble on supply-side reforms boosting enterprise, tax cuts paying for themselves, and the financial markets remaining onside.

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