Wokingham Liberal Democrats attack Tory economy
The Conservative government is creating a “terrible mess” in the country’s economy, according to the Liberal Democrat candidate in Wokingham.
Cllr for Hawkendon Clive Jones called last month’s mini budget a ‘disaster’ and called the subsequent U-turn the ‘biggest in Britain’s economic history’.
Global markets reacted badly to the budget announcement, leading to the Bank of England backing pension funds to the tune of £19billion, leading to the sacking of Kwasi Kwarteng as Chancellor , the installation of Jermey Hunt and the complete overthrow of Prime Minister Liz. Truss’ economic plans.
Mr Jones said the Bank of England’s intervention ‘could have paid for 19 new hospitals’.
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“These are policies that have been hailed by Wokingham MP Sir John Redwood as the way forward to ensure economic growth until the next general election,” he added.
Wokingham MP John Redwood called the “abrupt decision” to sack Mr Kwarteng and propose a business tax hike a “bad idea”.
He called the political debate over Truss’ growth strategy “not well-informed” and said his critics “assume” the resulting borrowing levels will be too high.
“They should wait to see the spending plans and read the government’s thoughtful forecast of what might happen to revenue and spending as a result of all the changes,” Mr Redwood added.
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Mr Jones said former Chancellor Rish Sunak warned of the ‘fairytale economy so beloved of Liz Truss and John Redwood’ during the leadership, in reference to the implementation of cuts to unfunded taxes.
He called the measures “a disaster” for people who are already struggling with the rising cost of food, fuel, gas and electricity.
“The Conservatives are quickly becoming known as the party of economic incompetence, many people tell me that in the national interest they want the Conservatives out of government so they can’t do further damage to the economy of the country,” Jones said. .
Mr Redwood said the cost of the energy support package will mean the cost of borrowing will be ‘significantly higher’ than expected, but agreed the government ‘must do enough to help consumers and businesses in trouble”.
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It recommends ‘modifying’ the program to ‘limit price-controlled household consumers’ to a specified amount to reduce average household costs, as well as charging ‘better-off consumers with larger homes’ more on fuel. extra they burn to induce a reduction in use.
“We need to be generous to low-income people, but careful with the overall spending of this package,” suggests Mr Redwood.