Chris Elmore, MP for Ogmore, has slammed the UK Tory Government’s “utter incompetence” following the biggest one-day interest rate hike by the Bank of England and the chaos at the Home Office.
On Thursday 3 November the Bank of England was forced to increase the interest rate base rate 0.75 per cent to combat inflation which is running rampant in the UK economy. This marks the single biggest rise in interest rates since the 1980s. Interest rates now stand at 3 per cent. Following the announcement, the pound sterling fell 2 cents against the dollar showing how turbulent the economy has become since the Conservative Government’s chaotic Mini Budget.
As well as announcing the highest single day increase in interest rates, the Governor of the Bank of England produced forecasts showing the UK has likely entered a recession. Not only that, but the Governor predicts this recession will last two years: making it the longest recorded recession in history for the UK.
Away from economic mismanagement the Tory Government has overseen a crisis in the Home Office with only 4% of asylum applications being processed, an asylum processing centre in Kent becoming so overcrowded that there has been an outbreak of Victorian-era diseases of scabies and diphtheria which led the Chief Inspector of Borders and immigration telling MPs he was “speechless” by what he saw.
During Prime Minister’s Questions, the Prime Minister couldn’t answer who was to blame for the mess following the statement from his own Home Secretary saying the immigration system was broken.
Chris Elmore, MP for Ogmore, said:
“If anyone was in any doubt this week demonstrated once and for all the utter incompetence of the UK Tory Government. The Bank of England announced the largest hike in interest rates since the 1980s and the immigration system was collapsing under the Tory Home Secretary’s inability to get a grip.
Everywhere you look the UK Tory Government is running the country into the ground. They have been in control for 12 long years and have continually taken the wrong decisions. They cut police officers, privatised probation causing many wrong decisions and have now succeeded in making your mortgage more expensive. I really worry about what this will do to the finances of households and businesses in Ogmore.
The Welsh Labour Government has defended Wales from the worst excesses of the UK Tory Government. Leading the way on Free School Meals and Winter Fuel Payments. But now we need a UK Labour Government working hand in hand with them. We can end 12 years of Tory chaos and get the UK back on track and safeguard a prosperous future for generations to come. We need a General Election now.”