With the cost of government borrowing surging again yesterday and
the Bank of England having to step once more to calm markets,
Labour today ramp up calls for the government to reverse the
Budget that sparked this economic crisis.
Labour’s Shadow Chancellor is expected to press directly in Treasury
Questions this afternoon – the Chancellor’s first appearance in
front of Parliament since his disastrous Budget on
23rd September.
She will underline the impact to financial stability in the UK
economy.
The party have criticised the government for the huge scale of
their unfunded measures, but also their open disregard for clear
economic evidence, independent scrutiny and British institutions
which must now be rectified by reversing a Budget that has done
untold damage.
It comes as the Bank of England have had to step in again for the
second day in a row to calm markets, citing “dysfunction in this
market, and the prospect of self-reinforcing ‘fire sale’ dynamics
pose a material risk to UK financial stability.”
Earlier today it was reported that the Cabinet at their meeting
this morning did not discussthis
significant new development.
Labour also point towards crunch points this week where the
government must indicate that it is on the right path by
reversing the Budget and showing that it understands the weight
of the economic crisis the Conservatives have created.
- Bank of England Governor Andrew Bailey speaking at the IMF
(Tuesday 11 October, 7pm)
- GDP statistics and Trade data (Wednesday 12 October, 7am)
- IMF Fiscal Monitor (Wednesday 12 October, 1.30pm)
- House price data from the Royal Institute of Chartered
Surveyors (Thursday 13 October, 7am)
- Leading to the crunch point of Friday when the Bank of
England is due to wind up its gilt purchase program (Friday 14
October)
*Check against delivery*
Speaking in Treasury Questions, Labour’s Shadow
Chancellor is expected to say:
“No other government is sabotaging their own country’s economic
credibility as the UK Conservative government is.
“Under this Tory government: Borrowing costs up. Growth down.
Mortgage repayments set to increase by £500 per month.
“Now they scrabble around looking for new cuts hitting working
people and our public services.
“It does not need to be this way.
“They must reverse their disastrous Budget now.”
