The Prime Minister and Chancellor have lost the faith of the markets and the public and will never get it back, says Labour.
Ahead of Liz Truss’s meeting with the Office for Budget Responsibility (OBR) – Britain’s independent fiscal watchdog, shadow business secretary Jonathan Reynolds told Sky News: “It’s a bit late for that now, isn’t it?”
He added: “I cannot stress how angry people should be at this Government for what is without question one of the biggest unforced errors in policy-making in this country’s history.”
Mr Reynolds claimed that people and businesses are looking at the “entire approach” of the Government and “saying we have no faith in these institutions”.
Liz Truss and chancellor Kwasi Kwarteng will meet with the chairman of the OBR Richard Hughes today to discuss the economic and fiscal developments.
Mr Kwarteng unveiled a string of tax cuts last week in a fiscal statement that was not accompanied by OBR forecasts. The forecaster said it had offered to prepare a draft for the new chancellor in time for the mini-budget but it was not taken up.
