Keir Starmer has demanded a recall of parliament to tackle the financial crisis sparked by Kwasi Kwarteng’s unfunded tax cuts during the mini budget.
The Labour leader called for the Commons break for the party conference season as the SNP asked ‘where is Liz Truss?’ and demanded a response to the Bank of England’s emergency intervention in the financial markets.
The major intervention in Britain’s financial markets is designed to head off a “material risk to UK financial stability”, which translated means that the UK economy is in crisis, with pension funds now facing shortages after the value of the pound continued to slide.
The bank was forced to stepped in to calm markets after chancellor Kwasi Kwarteng’s tax-cutting mini-budget last week.
Starmer called for the recall of Parliament to address the financial crisis. Speaking in Liverpool at the Labour conference, Starmer said: “The move by the Bank of England is very serious.
“And 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.
"What the Government needs to do now is recall Parliament and abandon this budget before any more damage is done.”
Nicola Sturgeon earlier called for the Commons to be reconvened, which would involve the abandonment of the Conservative conference next week. The SNP slammed the Prime Minister for her “shameless disappearing act” since her catastrophic budget sent the UK into financial meltdown.
Depute leader of the SNP, Keith Brown said: “As the pound continues to plummet, someone needs to track this Prime Minister down and get her out the front door of No 10 to face the country and explain how she will fix the mess she has made.
“It is astounding that Liz Truss has not made a single public appearance or statement since last Friday. It is time for her to come out of hiding and at least make the pretence of leading the country through this self-inflicted crisis.”
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