Minister Kit Malthouse 'surprised' at market reaction to tax cuts

Minister Kit Malthouse "surprised" at market reaction to tax cuts

A cabinet minister has said he was surprised at the market reaction to tax cuts announced in last week"s mini-budget.

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The cuts, funded by increasing government debt, sparked a fall in the value of the pound and a surge in borrowing costs earlier this week.

Education Secretary Kit Malthouse said Liz Truss had "advertised" a change in approach in her Tory leadership bid.

He added he hoped "things will settle" after a "challenging week".

He told the BBC"s Political Thinking with Nick Robinson podcast the tax cuts should be seen as part of a wider plan to boost growth.

The government"s package of tax cuts sparked days of turbulence in financial markets after it was set out on 23 September.

The pound fell to a record low against the US dollar on Monday, although it has since recovered to closer to its level before the announcements.

In an interview recorded on Thursday, Mr Malthouse said the prime minister had "advertised" during her Tory leadership campaign that "change was coming".

He added that the mini-budget had responded to calls "across the spectrum" to boost growth by improving productivity and changing the nature of the economy.

"Her stepping into that, particularly with an energy crisis, seems to have taken a lot of people by surprise and I"m a bit perplexed by that," he added.

"As far as I can see, she"s moved extremely swiftly to fulfil some of the pledges she made during the leadership election campaign".

"Maybe it wasn"t picked up enough. Certainly she said she said was going to move within seven days, and that"s what she did".

"While obviously the market reaction is something we have to pay attention to and understand and address [...] I remain surprised that people are surprised."

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