Newly appointed chancellor Kwasi Kwarteng has pledged to “turn the vicious cycle of stagnation into a virtuous cycle of growth” as he set out the government’s approach to the UK economy.

The new schemes have been announced as part of the Chancellor's mini-budget, officially known as a “fiscal event”. They have provided details of how the government plans to fund the energy price cap for households and businesses and put into practice many of Prime Minister Liz Truss’s promises.

Under the presented plan, the government is expected to borrow an extra £70bn over the coming months to fund its massive energy bills support for households and businesses.

The combined energy schemes will cost around £60bn over the first six months, the Chancellor announced on Friday, while the business relief package will cost around £29bn over the same period. Meanwhile, the freezing of bills at £2,500 for the average household is expected to cost £31bn, according to the...

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