Today, after the Prime Minister has sacked her Chancellor amid the latest fiscal crisis in Downing Street, Rachael Maskell MP for York Central reacted to say that ‘this latest episode in the Downing Street drama will not help ordinary families and communities get through the tough months ahead.’ The Prime Minister has now U-turned on her unfunded scrapping the top rate of tax and has also today reversed cuts to corporation tax rates. However, bankers’ bonuses are still uncapped and social security payments are still in line for a real-terms cut.
Rachael Maskell MP says:“It was the incompetence of the Prime Minister that allowed the UK economy to crash into chaos. No Government can announce an unfunded budget. Today’s latest U-turn has further harmed confidence in our country, which cannot recover while she remains in office.
“In the last 3 weeks, the Bank of England has had to bail out the markets, in the light of the £62bn deficit the Prime Minister created on top of an energy and cost of living crisis which is hitting people hard across York. This latest episode in this Downing Street drama will not help ordinary families and communities get through the tough months ahead as mortgages and rents continue break household budgets amidst the other Cost of Living increases we are all facing.
“Labour said that Corporation Tax and the top rate of tax should not be cut, and now the Prime Minister has U-turned on both. For the sake of our country, we need a General Election so we can rebuild the economy, our public services and our reputation.”