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Predictions by the Institute for Fiscal Studies (IfS) later suggested the package would create a black hole of around £60billion in the Government’s finances.
The fiscal event promptly saw gilt markets spiral, as investors looked to sell off their holdings of Government debt, and the Bank of England was forced to make a rare intervention in the market.
Mr Kwarteng’s successor, Jeremy Hunt, rolled back on many of the commitments made in the September mini-budget, and scaled back the support for household energy bills so it will only last till April next year. This is expected to cost around £60billion.
Reacting to the ONS’s latest findings, Duncan Simpson, chief economist of the Taxpayers’ Alliance, told Express.co.uk: “Surging borrowing is bad news for Brits facing a punishing tax burden.
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