Kwasi Kwarteng may have U-turned, but huge spending cuts are still coming | Gordon Brown

After the right turn, the U-turn. Despite abandoning his top rate tax cut, the chancellor, Kwasi Kwarteng, has left £43bn of his £45bn tax cuts intact. A panicked overnight climbdown does not add up to a change in strategy. He is still doubling the tax-free giveaways to those with share options, cutting £1bn from tax on dividends and sanctioning a free-for-all in bankers’ bonuses. He is also going ahead with his tax avoiders’ charter:…