Downing Street is resisting pressure to recall parliament, with Liz Truss and Kwasi Kwarteng being accused of going into hiding as the markets spiral in response to last week’s mini-budget.
Opposition leaders said it was unacceptable that the Commons would not sit for nearly two weeks, and pressed for MPs to be brought back to Westminster early.
Recess began on Friday and runs until 11 October, meaning ministers cannot be questioned by MPs on concerns from constituents about the cost of living crisis, including rising mortgage payments. A three-week break is traditionally held at the end of September and start of October, during party conference season.
Truss and Kwarteng have given no interviews about the fallout from the budget. The chancellor was questioned outside the Treasury by the BBC about his response to the crisis on Tuesday, but declined to comment.
As delegates from Labour’s conference headed home, Starmer said the Bank of England’s move to buy long-dated UK government bonds was “very serious”.
“I think many people will now be extremely worried about their mortgage, about prices going up, and now about their pensions. The government has clearly lost control of the economy,” he told broadcasters.
“What the government needs to do now is recall parliament and abandon this budget before any more damage is done.”
The chair of the Labour party, Anneliese Dodds, said the prime minister should address MPs as quickly as possible to “explain how she plans to sort out the mess her government created”.
Ed Davey, the leader of the Liberal Democrats, said people had heard “nothing at all from the prime minister” and that the Commons should be recalled so Truss and Kwarteng could “reassure not just the financial markets but also British homeowners at risk of higher mortgage costs”.
“Truss and Kwarteng must come forward and spell out how they will repair the damage from their shambolic budget,” he said. “Every hour the prime minister and chancellor hide from this economic nightmare increases the chances of interest rates spiralling out of control and people losing their homes.
“We can’t wait till the Conservatives’ proposed November statement to rescue the pound and property market. For the sake of the country, Liz Truss must act now.”
The Commons can only be recalled if a request is made by the government to the Speaker, Lindsay Hoyle. He would almost certainly grant it if asked, while allowing 24 or 48 hours’ notice for MPs to make travel plans.
However, given the awkward questions Truss and Kwarteng may face, and the timing of the Conservative party conference this weekend, government insiders said there was little chance of the Commons being recalled.
One No 10 source said there would be no request for a recall, while a Tory MP added: “Everyone needs to stop shitting the bed and just calm down. And hopefully at conference, if not before, Kwasi will set out in a much more considered way how he’ll address some of the issues with the markets.”
The last time parliament was recalled was in August 2021, when MPs return to Westminster to discuss the Taliban’s takeover of Afghanistan. Recalls have become increasingly common in recent years.
Sadiq Khan, the mayor of London, sought to blame the government’s “recklessness and incompetence” for hitting people and businesses hard “at a time when they are already struggling with the cost of living crisis”.
He called on Truss and Kwarteng to “urgently change course to restore stability and confidence in our economy” – reversing those policies that “are causing fear and anxiety to businesses and families, and creating havoc to the markets and mortgages”.
