The Institute of Fiscal Studies said that the richest 10% of households would benefit from Mr Kwarteng's measures, which will prevent the tax rises introduced by former chancellor Rishi Sunak, who left office in July.
The admission of 12 years of failure of what the Conservatives have been doing was what the shadow business secretary Seema Malhotra told BBC Two's Newsnight.
She said if you're going to have a plan for growth, it's got to be a good plan. Today was a set of tax cuts that support the wealthiest in our society. When Mr Smith's concerns were put to the chancellor, he said the former chief whip knew about party loyalty and lots of people feel that we need to get Britain moving.