Rachel Reeves responds to Bank of England interest rates rising to 3%

Rachel Reeves MP, Labour's Shadow Chancellor, responding to Bank of England interest rates rising to 3%, said

“Families now face higher mortgages and more anxiety after months of economic chaos.

“Today’s recession warning lays bare how 12 years of Tory government has weakened the foundations of our economy, and left us exposed to shocks, lurching from crisis to crisis with falling living standards and low growth.

“As Chancellor and now Prime Minister, Sunak must face up to his mistakes that have led to the vicious cycle of stagnation this Tory government has trapped us in.

“Working people are paying the price for Tory failure. Britain deserves more than this.

“Labour will provide the economic responsibility we need, and bring forward a proper plan for growth across our country, investing in jobs in renewables, nuclear power and in insulating homes; fixing business rates; and driving forward a modern Industrial Strategy."