Mini budget failed to win the confidence of markets - The Yorkshire Post says

Save for a brief moment, the pound started to trend downwards not long after the new Chancellor Kwasi Kwarteng stepped away from the despatch box.

The whole picture would have distrubed those watching carefully at the Treasury, as investors worried about the UK economy started to pull money out.The actual ‘mini budget’ saw Mr Kwarteng reveal a herd of rabbits and certainly presented a break from Boris Johnson’s Government.

It was the biggest tax cutting event since Anthony Barber’s budget of 1972. Income Tax is to be cut to 19 per cent from April next year. The planned rise in corporation tax has been cancelled. Stamp duty has been slashed for homebuyers, although much of that is likely to be absorbed by higher mortgage costs as interest rates continue to rise.

While Liz Truss has said she and her Government are prepared to be unpopular, actions such as removing the cap on bankers’ bonuses while simultaneously tightening rules on Universal Credit could well end up being an indelible stain that the Tories struggle to shift from the public’s consciousness come the next General Election.

New low tax ‘Investment Zones’ were also revealed by the Chancellor, in a bid to boost growth across the country.

It remains to be seen where and how these investment zones will be distributed. West Yorkshire Mayor Tracy Brabin has already said she is keen to understand what is on the table for investment zones in the region.

Cutting the Office of Budget Responsibility out of this announcement undermined the credibility of this economic plan. And its not surprise that markets have reacted this way.