‘Truss’s unashamed, uncompassionate and irresponsible government must be held to account for the disaster they have ignited’
The SNP have issued a scathing response to the UK Government’s £45 billion tax-cutting announcements, branding the new mini-budget “reckless”.
On Saturday Westminster leader, Ian Blackford, wrote to the Prime Minister following the Chancellor’s mini-budget, which saw the pound fall to a fresh 37-year low against the dollar, as the markets reacted to the biggest tax cutting moves in 50 years.
Blackford has demanded an immediate recall of parliament, so that Liz Truss and Kwasi Kwarteng can be “held to account for the depth of the damage” caused by their financial plans.
He described the mini-budget as one of the “biggest, most reckless, right wing financial gambles in decades”.
“The Prime Minister and her government are dodging all scrutiny on the devastating chaos it has created. They cannot be allowed to hide.
“We are in this mess because the country was ignored for months in the middle of a cost of living crisis whilst the Tory party had to get rid of the lying, corrupt Boris Johnson, and then battle it out with a leadership contest that was nothing more than a race to bottom with tax cuts for the super rich.
“They cannot keep on hiding,” he said.
“Friday’s statement was nothing more than a budget for the super rich and big business.
“It completely betrayed the millions of working families and those on the lowest incomes who are struggling to get by right now as a result of the Tory-made cost-of-living crisis spiralling out of control.”
Among those reacting to the budget on Friday were former US Treasury Secretary Larry Summers, who said “I think the UK is behaving a bit like an emerging market turning itself into a submerging market.
“Between Brexit, how far the Bank of England got behind the curve and now these fiscal policies, I think Britain will be remembered for having pursued the worst macroeconomic policies of any major country in a long time.”
Former secretary at the Treasury, Nick McPherson said “I worked on 60 fiscal events over 31 years, can’t remember any generating as strong a market reaction as today.”
The Institute for Fiscal Studies said the mini-budget risks setting the UK on an “unsustainable path” where government borrowing looked set to spiral.
It’s understood only those with incomes of over £155,000 will be net beneficiaries of tax policies announced by the Conservatives over the current Parliament.
"Kids are telling us they'll eat at home because they feel embarrassed…
"It's a failure of our society if we're allowing children to go hungry."
The people of Luton explain why they're backing the @eiecampaign, and hit out at the vilification of working class people pic.twitter.com/1evCiSxQyC
— PoliticsJOE (@PoliticsJOE_UK) September 24, 2022
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