New chancellor tells Treasury to aim for growth not seen since 2008 crash

Kwasi Kwarteng demands annual 2.5 per cent rise, after Liz Truss blamed Treasury ‘orthodoxy’ for UK’s feeble economic record

The new chancellor has told Treasury officials they must aim to return economic growth to a level barely seen since the 2008 financial crash, ahead of a tax-slashing mini-budget.

Kwasi Kwarteng told his department it needed to focus entirely on an annual 2.5 per cent rise, after Liz Truss won the Tory leadership blaming its “orthodoxy” for the UK’s feeble economic record.

His arrival as chancellor was marked by the shock dismissal of Tom Scholar, the Treasury’s highly-experienced permanent secretary – a move attacked by former senior civil servants.