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Monday, May 20, 2024

Pensions, Homes and Incomes Under Threat as Tories Wreck Economy

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The SNP has said people’s homes, pensions and incomes are under a dangerous threat from “Tory wreckonomics” – as the Bank of England is forced to step in again.

While the Bank of England spends billions to mitigate a “material risk to UK financial stability”, the IFS has separately warned UK government spending on debt interest could be £100billion next year and that “big and painful cuts” of up to £60bn could be imposed following the Tory budget.

Commenting, SNP Shadow Chancellor Alison Thewliss MP said:

“The Tory wreckonomics of Liz Truss and Kwasi Kwarteng is putting people’s homes, pensions and incomes under an increasingly dangerous threat.

“The ticking Tory £100billion debt interest bomb, and looming £60billlion cuts, is devastating – and shows Scotland needs independence to escape the chaos of Westminster control.

“As the Scottish Government prepares its economic case for independence, we can already see the UK government’s broken case for continued Westminster control – and it’s catastrophic for Scotland.

“Whether it’s a Tory or Labour Westminster government, Scotland faces years of Brexit damage, deep austerity cuts and mounting debt under Westminster rule.

“Independence is the only way to keep Scotland safe – and the only way to put Scotland’s economy on the path to stability and prosperity.”

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