Chris Elmore, MP for Ogmore, slammed the Chancellor and Prime Minister for their “reckless” mini-Budget which has seen a flight of confidence in the UK economy and households being lumbered with paying for tax cuts for the top 629,000 people.
Despite being called a “Fiscal event” by the UK Tory Government, today’s announcements were anything but. The announcements made by the Chancellor will see the greatest shift in taxation and borrowing policy since 1972 with the top rate of Income Tax for the wealthiest 629,000 people being scrapped, the cap of bankers’ bonuses being eradicated and oil/gas companies not having to pay a single penny more whilst the nations credit card is used to limit energy bills for the next six months.
Since the statement on the morning of Friday 23 September the international markets have spooked at the future prospects of the UK. The pound sterling to the dollar has hit a 37 year low, the 10-year borrowing rate for the UK Government has hit a 12 year high and independent forecasters are predicting recession is on its way.
Chris Elmore, MP for Ogmore, said:
“The Tories tired trickle-down play book won’t grow our economy. There is nothing new here, just another twist and turn in a 12-year dance that has left growth on the floor.
A millionaire will see a tax cut of £55,000 next year because of this Budget in all but name. This giveaway is being funded with borrowing. Borrowing that our children will have to pay for years to come. It’s unfair, impractical and economically illiterate.
The UK Tory Government are gambling with our future by borrowing. Sound finance would see the books balanced, investment made on long-term projects and tax balanced on the shoulders of those who can most afford it. Instead, we are seeing reckless ideology trump sanity and we will all pay in the long-term. Only a UK Labour Government will delivery sound growth that benefits you.”