Ken Clarke savages Kwasi Kwarteng's tax cuts: 'I've never known a budget to cause a financial crisis like this.'
Picture: Getty/LBCTory grandee Ken Clarke has told LBC that the financial turmoil unfolding in the wake of Kwasi Kwarteng's mini-budget is a "serious" and "extraordinary crisis".The former chancellor and long-time MP, who now sits as a Conservative member of the House of Lords, told Tonight with Andrew Marr that he had never known a budget to cause a crisis like it.
It came after Mr Kwarteng's big tax-cutting budget, which critics derided as full of spending that was not properly funded. Lord Clarke, a former home secretary who was a Tory MP between 1970 and 2019, said announcing "big measures" like tax cuts "without knowing what the economic circumstances are surrounding your budgets" should not happen.
As the pound tumbled and banks began withdrawing mortgage products given ongoing economic uncertainty, the Bank of England said: "Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability.
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