The Prime Minister and the Chancellor were today described as 'desperate gamblers' as the pound plummeted to a record low against the dollar.
Shadow Chancellor Rachel Reeves told the Labour Party Conference in Liverpool that Liz Truss and Kwasi Kwarteng were behaving in a 'desperate and out of control' manner following the shock budget on Friday.
Mr Kwarteng's mini-budget included a £45 billion package of tax cuts, including the abolition of the 45p top rate of tax. He also lifted the cap on how much bankers can earn in bonuses.
READ MORE: Labour conference 2022 live as Rachel Reeves sets out party's economic plans
While the Chancellor said his plan would stimulate growth, the financial markets have reacted very negatively and the value of the pound has crashed. The pound dropped slightly below $1.035 - the lowest it has been since the British currency switched to decimal units in 1971 - as Asian markets opened this morning. It has recovered slightly but is still at an all-time low against the US Dollar.
In her major speech today, Ms Reeves accused her opposite number Mr Kwarteng of "fanning the flames" of the falling pound by suggesting there will be more "unfunded tax cuts".
Speaking of Mr Kwarteng and Ms Truss, she added: "They’re like two gamblers in a casino chasing a losing run, but they’re not gambling their money, they’re gambling our money. It’s reckless. They are desperate, they are out of control."
It was a crucial moment for the shadow chancellor and her party to set out a very different economic plan for the country. Ms Reeves announced plans for a National Wealth Fund, that will invest an initial £8.3bn in green projects.
She also laid out plans to ensure British taxpayers benefit from businesses created with public money. She said when public money is spent on projects, the taxpayer would own a share.
Ms Reeves said she wants to be 'Britain's first green Chancellor.' She received multiple standing ovations from the audience in the conference hall.
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