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Portrait of the week

Portrait of the week: Chancellor unveils his unBudget, Hilary Mantel dies and corgi prices soar

1 October 2022

9:00 AM

1 October 2022

9:00 AM

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Kwasi Kwarteng, the Chancellor of the Exchequer, presented a far-reaching ‘fiscal event’ (ineligible to be called a Budget), said to have cut more tax than any measure since 1972. The markets’ immediate response was to sell pounds, and sterling fell to $1.07 (though the euro also continued in its own decline against the dollar and the Chinese yuan fell sharply).

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