Pat McFadden responds to news of Bank of England step-in again to calm markets

Pat McFadden MP, Labour’s Shadow Chief Secretary to the Treasury, responding to news that the Bank of England has had to step in again to calm markets, said:

“That the Bank of England has been forced to step in for a second day running to reassure markets shows the government's approach is not working, and creates renewed pressure for the Chancellor to reverse his Budget.

“This is a Tory crisis made in Downing Street, being paid for by working people.

“They have lost all credibility and control and they must respect our nation's independent institutions, go back to the drawing board and reverse this damaging Budget.”