Finance ministers from the devolved nations have called for an urgent meeting amid fears of new period of austerity.
Amid the backlash from the Chancellor’s so-called mini-Budget, in a joint letter, the finance ministers of Wales, Scotland and Northern Ireland, warned the new spending plans are a “huge gamble” for the UK’s economy.
Welsh Finance Minister Rebecca Evans, joined her counterparts in the leter as she criticised the “the largest set of unfunded tax cuts for the rich in over 50 years” as the ministers said the cuts would bring impending damage to the “health of our economy”.
In support of the Chancellor, Levelling Up Secretary Simon Clarke, said the West had been living a “fool’s paradise” as he hinted at period of tight control o npublic finances.
He told Times Radio: “Western Europe is just living in a fool’s paradise whereby we can be ever less productive relative to our peers, and yet still enjoy a very large welfare state and persist in thinking that the two are somehow compatible over the medium to long term.
“They’re not. We need to address that if we want those strong public services then we are going to have to pay for them.
“It is important that we look at a state which is extremely large, and look at how we can make sure that it is in full alignment with a lower tax economy.”
Welsh Secretary, Robert Buckland also seemed to admit further cuts on public expediture will be needed going forward.
He said: “We intend to be extremely rigorous when it comes to bearing down on public expenditure.
“That will be developed in the weeks ahead. We’ve got a whole range of announcements coming out on not just spending, but supply-side reforms.
“Whether it’s childcare or broadband connectivity, all these things add up to an overall package that is designed to, first of all, facilitate growth in the economy, but secondly to emphasise that the government is responsible.”
