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Monday, March 4, 2024

Pound Plunges to Record Low Against Dollar After Mini-Budget for The Rich

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Commenting on the pound plunging to a new record low against the dollar following the Tory government’s ‘mini-budget’ for the rich, the SNP’s Shadow Chancellor Alison Thewliss MP said:

“The Tory-made cost of living crisis is rapidly getting worse for struggling households and businesses as the pound plunges to a new record low against the dollar following the Tory government’s ‘mini-budget’ for the super rich.

“What we needed to see was real and targeted support for ordinary people and businesses, instead we witnessed Liz Truss and her Chancellor pouring fuel on to the fire of the cost of living crisis and then running from accountability and scrutiny.

“The tanking of the pound will only exacerbate the severe economic challenges facing people across Scotland and the UK – all the while the rich in the country will get richer thanks to tax cuts and the misplaced priorities of Liz Truss and Kwasi Kwarteng.

“Far from seeing a fair and equal economic recovery from the crisis, the Tory government has made it clear beyond any doubt that it intends to reward the super rich – including through scrapping the cap on bankers’ bonuses – while turning their backs on millions of working families and those on the lowest incomes who are struggling to make ends meet.

“As the pound dives, the impact will be felt deeply by millions as household bills and mortgage payments get higher and prices in shops rise due to the hit on import costs.

“In their race to the bottom, the Tories are intent on consigning millions of ordinary people to poverty and unmanageable levels of debt. 

“There must be an urgent recall of Parliament so that the Prime Minister can be held to account for her government’s reckless actions.

“People across Scotland are being forced to pay a heavy price for damaging Westminster control.

“Only with the full powers of independence will we be able to deliver the support needed and secure a fair and equal economic recovery.”

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