Divisions in the Tory leadership campaign came back to the fore after Kwarteng’s statement, with critics claiming the chancellor was trying to avoid scrutiny by refusing to publish economic forecasts from the independent budget regulator. Kwarteng’s “plan for growth” was also compared by a senior party official to the ill-fated “Barber budget” of 1972, which emulated a similar aim but resulted in a boom, runaway inflation and the eventual demise of Ted’s premiership Heath. “I have never known a government that has so little support from its own benches, just four days on,” observed one MP. The normally raucous backbenches that roar behind a chancellor as he makes a budget statement in the Commons were quieter on Friday. Several attendees said few order papers were circulated and there were only a few “hear, hear” comments, allegedly orchestrated by party whips. “I despair completely, because I am a member of a party that defends the middle and not the very rich. This will be politically toxic and financially dubious,” said another lawmaker who was present at the statement. In a sign of the level of discontent, several Conservatives stood up in the House of Commons to aim barbs and hostile interventions at Kwarteng. Mel Stride, the chairman of the Treasury select committee and former Rishi Sunak leadership campaign manager, said there was a “huge gap” in the mini-budget. Stride criticized the Treasury Department’s refusal to release new economic forecasts from the Office for Budget Responsibility based on the measures revealed this week, saying markets were becoming “jazzy” and “now is the time for transparency” for “calm.” As the pound fell further against the dollar, former attorney-general Jeremy Wright said growth was dependent on confidence and that would “evaporate” if the benefits of tax cuts were offset by rising mortgage repayments due to higher interest rates. Others were gloomy about how scrapping the top tax rate and lifting the cap on bankers’ bonuses would play out in poorer constituencies, particularly among the so-called red wall. “It is the richest that we help, while the poorest suffer the most,” was the stern assessment of a northern MP. Liz Truss’ ruthless reshuffle that drove away most Sunak supporters also hung like a dark cloud over the statement. “Everyone is upset with the reshuffle and the way they’ve been treated,” said one person who was recently ousted from the government. “Looking forward, you’re going to have a situation where, unless some goodwill is extended, people are going to look for a cause to put up a marker to make their misery clear.” Sunak’s supporters said they were more likely to boycott the Conservative party conference and chat on WhatsApp with other disaffected colleagues over the next few weeks of disruption. Roger Gale, a veteran thorn in Boris Johnson’s government, said: “Fortune favors the brave, but not the foolish,” and added that Kwarteng’s “not-so-mini-budget is certainly brave, but it also looks very high-risk. “. Archie Bland and Nimo Omer take you to the top stories and what they mean, free every weekday morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. However, some Tories were willing to give what they called the Truss “gamble” a chance. “This is definitely driven by ideology, and politics is supposed to be about – to some extent – ideology,” said one. “He’s clearly of the view that he’s not winning from the center, but a clear separate position.” Backers of the Ardent Truss said it would force Labor into the difficult position of having to oppose the tax cuts and face uncomfortable questions about whether it would then reverse them. They also said it would boost support for the right among voters who previously flocked to support Ukip. Nigel Farage declared it “the best Conservative budget since 1986”. David Jones, a former cabinet minister who backed Truss for the leadership, said: “Tax cuts were badly needed because we’ve had overtaxation in the past. Kwarteng obviously marked a clear break with the Rishi regime and I personally believe he had no choice but to do so. If it was stable as it is, then according to the OECD we would have zero growth next year.” Opposition parties sought to paint the mini-budget as a gift to the super-rich that would provide little support for those at the sharp end of the cost-of-living crisis. Rachel Reeves, the shadow chancellor, attacked Kwarteng’s “casino finances” which she said were “gambling the mortgages and finances of every family in the country”. Ed Davey, the leader of the Liberal Democrats, called it a “billionaire’s budget” which had shown the Conservatives were “completely out of touch with families struggling to pay the bills”.
