“A budget for the rich” is the Guardian’s damning headline. Mr Kwarteng announced more than $400bn of extra borrowing over the coming years, the paper adds, as it describes the chancellor’s package as the “biggest giveaway since Anthony Barber’s ill-fated 1972 budget”. Some Labour MPs have described the plans as a “class war”. Paul Johnson, director of the Institute for Fiscal Studies, said: “Mr Kwarteng is not just gambling on a new strategy, he is betting the house.”