This rise wiped out much of the"headroom" - the extra money the government has to spend - from £27.8bn to £8.8bn.
Three days after Mr Kwarteng was sent the information by the OBR, Ms Truss announced the Energy Price Guarantee to help people with fuel bills, which was expected to cost tens of billions of pounds. After the mourning period for Elizabeth II finished Mr Kwarteng revealed the administration's totemic mini-budget, which increased borrowing even further to fund tax cuts which it was hoped would increase growth.
Markets reacted negatively to the plans - some blaming the lack of an official OBR forecast to go alongside Mr Kwarteng's announcements.A Treasury spokesperson said:"The document published reflects the OBR's preparatory work sent to the then chancellor on his first day in office. The draft forecast did not include any policies ultimately announced in the Growth Plan."
James Murray, Labour's shadow secretary to the Treasury, said:"The fuse for the Tory mortgage bombshell was lit last autumn with their wild, unfunded tax cuts. Alongside that, the Conservatives' irresponsible disrespect for independent institutions crashed the pound and sent interest rates soaring., which may be using cookies and other technologies. To show you this content, we need your permission to use cookies.
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