Ms Reeves said Mr Kwarteng’s announcements of tax cuts and funding for energy efficiency household support with increased government borrowing had caused sterling to slide, resulting in “prices for consumers and the cost of borrowing they increase”.
London Thanasis Gavos
Prime Minister Liz Truss and Finance Minister Kwasi Kwarteng have been described as “gamblers” who continue to play despite constantly losing, Labor’s shadow Finance Minister Rachel Reeves of Britain’s main opposition party.
He was speaking from the floor of the party’s annual conference in Liverpool, which is being held as sterling has fallen to a 37-year low against the dollar.
Ms Reeves said Mr Kwarteng’s announcements of tax cuts and funding for energy efficiency household support with increased government borrowing had caused sterling to slide, resulting in “prices for consumers and the cost of borrowing they increase”.
He accused the Conservatives of failing to boost economic growth, control inflation, reduce child poverty and support the NHS after 12 years in power.
He also noted that the policy of spreading wealth from the richest to the poorest strata which the new prime minister has chosen is financially and morally “outdated”, “wrong” and “has failed in the past”.
Ms Reeves pledged that if Labor came to power they would, among other things, raise the minimum wage, create a National Wealth Fund and restore the top rate of income tax to 45%.
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