Shropshire MP claims Kwasi Kwarteng's mini-budget was necessary to prevent 'brain drain'
An MP has defended the Government's package of measures to kick-start the economy, saying the consequences of doing nothing would have been huge.
Daniel Kawczynski, MP for Shrewsbury and Atcham, said by far the biggest component of the 'fiscal event' was the cap on energy prices, which accounted for three times as much as the tax cuts.
He said the Conservative governments of the past 12 years were first criticised for 'austerity', and were now being attacked for borrowing too much.
"When we came into office in 2010, this country was borrowing over £100 billion a year," said Mr Kawczynski.
"We reduced that every year from 2010 to 2019, and were viciously attacked by the socialists who called it austerity.
"They called it austerity, we called it living within our means.
"Imagine the situation we would be in now if we hadn't done that."
Mr Kawczynski said he had received unprecedented calls from constituents to tackle soaring energy costs, and said tax cuts were necessary to prevent a 'brain drain' of high-earning taxpayers out of the UK.
"We have a situation where one per cent pay 30 per cent of the tax collected by the Treasury, could you imagine what would happen if we didn't have them?" he said.
"I have known many people in that top one per cent who have moved to Monaco, the United Arab Emirates or other countries where it is easier to take advantage of tax situations.
"I want to stop them from leaving the UK, and to remain here."
