11 Nasty Details In The Fine Print Of The 'Robin Hood In Reverse' Mini-Budget

Chancellor Kwasi Kwarteng has unveiled a £45 billion tax cut windfall in a mini budget that offers benefits to big business, bankers and the wealthiest Britons.

The pound plunged to a new 37-year low amid market panic over the exorbitant cost of the plans, funded by £70bn of government borrowing.

Labour's Rachel Reeves compared Prime Minister Liz Truss and Kwasi Kwarteng to "two desperate gamblers in a casino chasing a losing run".

And Frances O'Grady, leader of the TUC, called the tax cut boon 'Robin Hood inside out', accusing Liz Truss of 'withholding wages and lining the pockets of big business and of the city's bankers".

We combed through the plan, looking for gaps, inconsistencies, and other nasty details hidden in the fine print.

Kwasi Kwarteng gave the wealthiest in society a massive tax cut (

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NEIL HALL/EPA-EFE/REX/Shutterstock) No date to achieve growth target - despite being a top economic priority

Liz Truss' government is keen to brag that it is "unapologetically pro-growth".

The official title of the mini-budget is even "The Growth Plan" - highlighting how Liz Truss and Kwasi Kwarteng are betting the house on the hope that a wave of tax cuts and deregulation will put rocket boosters under the economy.

The Treasury's 'blue book', which details the plan, says the government's "primary economic objective" is to boost trend growth by 2.5%.

But the document does not give a date when the Conservatives hope to achieve this goal.

Action needed after 12 years of conservative failure

The Chancellor told MPs that his mini-budget marked the start of a 'new era', prompting incredulous jeering from MPs over his refusal to admit the Tories had been in government since 2010.

The Covid pandemic, the war in Ukraine and the financial crisis have undoubtedly put a strain on public finances.

But the document lays out in black and white the problems facing Britain's economy under Tory rule, from sluggish productivity growth to the highest debt burden since the 1960s.