A so-called “mini-budget” by the U.K.’s new government Friday has sparked a level of market volatility not seen in the country since the Covid-19 crash or the 2008 financial crisis. A package of tax cuts expected to total £45 billion in the coming years, combined with a massive spending increase to help households and businesses deal with higher energy bills, left investors nervous about the U.K.’s future as it takes on higher levels of debt. That was despite Finance Minister Kwasi Kwarteng’s target of a 2.5% growth trend and pledge to release a plan to reduce debt as a percentage of GDP in the medium term.