‘This is a British crisis made in Downing Street’ says Rachel Reeves
Shadow Chancellor Rachel Reeves says the current economic situation is a “British crisis made in Downing Street”. She adds that “no other government around the world has sabotaged its own economic credibility as UK ministers have done.”
“Are the chancellor and the PM the last people left on Earth who actually think their economic plan is working?”
Reeves, who called the budget “disastrous”, noted the drop in the value of the pound, the drastic increase in mortgage payments and the intervention of the Bank of England as symptoms caused by the Chancellors plans.
She said that the IMF have warned of low growth again next year, something which the Chancellor said was untrue. “The IMF have said today that actually, the plan, the mini-budget, has increased growth forecasts”, said Kwarteng.
Earlier today, the IMF had said “The fiscal package is expected to lift growth somewhat above the forecast in the near term, while complicating the fight against inflation,” in the long term.
Reeves also urged Kwasi Kwarteng to “put aside his pride, do the right thing for our country and reverse the budget” after accusing it of descending chaos on the UK economy.
Parliament resumed this week, with the House of Commons sitting today for the first time after Conference Recess.