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Monday, December 5, 2022

Chancellor Must Act Now to Avoid Economic Crash

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The SNP has called for the Chancellor to “come out of hiding” and bring forward an emergency statement to reverse the damage caused by the Tory budget – as concerns grow the UK could be heading for a crash of historic proportions.

Following the intervention from the IMF and US Treasury, Ian Blackford MP said the Chancellor must “act now to reverse the damage he has caused and avoid an unprecedented economic crash” warning that rising inflation, interest rates and bond yields, coupled with the falling pound and the withdrawal of competitive mortgage deals, could lead to “a UK economic catastrophe”.

It comes as the Bank of England announced it would buy unlimited quantities of long-term debt to avoid a “material risk to financial stability” following the impact of the UK budget. 

Commenting, SNP Westminster Leader Ian Blackford MP said:

“The UK economic crisis shows exactly why Scotland needs to become an independent country – so we can escape the damage of Westminster control and get rid of the Tories for good.

“The disastrous Tory budget is taking the UK to the brink of catastrophe.

“The Chancellor must come out of hiding and act now to reverse the damage he has caused – and avoid the impending threat of an unprecedented UK economic crash.

“Parliament must be recalled immediately and an emergency statement must be brought forward within days, not weeks.

“The fact the IMF and Bank of England have been forced to intervene shows how much damage the Tories have done and how serious the situation is.

“The UK budget has been a disaster for working people.

“Millions of households will see their incomes hammered as the cost of mortgages, rents, student loans, and everyday goods rise due to Tory recklessness.

“Scotland is literally paying the price for Westminster failure.

“The SNP will continue to press the UK government for emergency action now – but with all the Westminster parties signed up to broken Tory economics and a hard Brexit, it’s clear the only way to keep Scotland safe is to become an independent country.”

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