The pound continued to fall this morning after sinking to record lows against the dollar as a result of Kwasi Kwarteng’s “mini-budget” on Friday last week.
Rachel Reeves, the shadow chancellor, said the falling value of the currency should be “a cause for concern” as she accused Liz Truss and Mr Kwarteng of behaving like “casino gamblers chasing a losing streak”.
She told Times Radio: “I think a lot of people were hoping it would settle down this morning after the weekend, but that didn’t happen, there was further selling in early morning trade, overnight trade, in Asia and elsewhere and that should be cause for concern.
“And instead of blaming everyone else, I think that the chancellor and the prime minister, instead of behaving like two gamblers in a casino chasing a losing streak, they should consider the reaction not only of the financial markets but also the reaction of the public.” that said a tax cut for those people earning more than £150,000, a tax cut worth more than £50,000 a year for someone earning £1m a year is simply not the right priority at a time of spending crisis for life.
She added: “The financial markets are not impressed, the British public are not impressed and I think the Chancellor and the Prime Minister need to pay attention because they are not gambling with their own money, they are gambling with all our money and it is reckless and is irresponsible as well as grossly unfair.”
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