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Saturday, May 18, 2024

Biggest Interest Rate Rise in Decades Result of Tory Cost of Living Crisis

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Following the announcement by the Bank of England to increase interest rates to 3% – the biggest hike in 33 years – to try to combat spiraling inflation as a result of the Tory cost-of-living crisis, the SNP has said independence is the only way for Scotland to escape the economic chaos created by Westminster.

Commenting, the SNP’s Treasury spokesperson, Alison Thewliss MP said:

“The Tories have created economic turmoil – showing exactly why Scotland needs independence.

“To reach its full potential, Scotland needs to escape the constant chaos of Westminster control.

“Despite warnings that the UK faces the longest recession in a century and interest rates rising again to unsustainable levels, the Westminster government is still sitting on its hands rather than bringing in meaningful support. 

“Millions more could be plunged into, or further in poverty, and mortgage holders now face thousands of pounds extra in interest, with many at risk of falling into arrears or having their homes repossessed if they cannot afford it.

“The new Prime Minister needs to scrap plans for austerity 2.0 and urgently get a grip of this growing cost-of-living crisis that the Tories are exacerbating.

“The UK government has repeatedly put our homes, pensions and incomes at risk.

“It’s clear independence is the only way to keep Scotland safe and get rid of Westminster Tory governments for good.”

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