Labour leader Keir Starmer of the United Kingdom said on Wednesday that the government should recall parliament and reject plans announced last week to cut taxes and increase borrowing, which have caused financial markets to tremble.
The British Parliament is now in recess while the major political parties have their annual conventions. It is scheduled to resume on October 11. Other opposition parties have also urged for an early return of parliament.
‘Clearly, the government has lost control of the economy… this is self-inflicted,’ Starmer told Sky News. ‘What the government needs to do now is summon a special session of parliament and cancel this budget before any further damage is done.’
On Wednesday, sterling plummeted more than 1% versus the dollar and euro after the Bank of England warned it will intervene to calm the UK’s frantic bond markets.
‘The Bank of England’s move is really serious, and I think many people will now be extremely concerned about their mortgage, rising prices, and now their pensions,’ Starmer added.
Post Your Comments