Former deputy governor of the Bank of England Sir Charlie Bean has admitted he doesn't think the government's U-turn on cutting taxes for the rich will make 'any substantial difference'.

"This is a relatively small component of the overall package," he told Money Saving Expert Martin Lewis on GMB, when asked if things could 'go back to the way they were'.

He added that other factors such as national insurance decreasing was what really 'spooked' the market.

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