The Labour leader Sir Keir Starmer has warned the financial markets are spooked as reports suggest the Chancellor Jeremy Hunt could be considering tax hikes of £20 billion in the Halloween budget.
Sir Keir further warned the Tory “psychodrama” is “not a game” for the millions British households who are struggling to make ends meet with the cost of living and the energy crisis.
The Labour leader told the Sunday Times, “The markets are now reacting to yet more uncertainty that is a direct result of this Tory Government.
“That kamikaze mini-budget isn’t just going to be a footnote in a history book.
“People are paying the price for that: if your mortgage has gone up, if you’re not on a fixed mortgage, you are now going to have to pay an extra how many hundred pounds a month.
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“This has cost the public hugely and I’ll tell you what will stabilise the markets, it is an incoming Labour government, with Rachel Reeves as the chancellor, with absolutely clear fiscal rules.”
He warned of the risks which lies with “carrying on with this chaos” instead of changing to a Labour administration.
Sie Keir added, “I think there’s this strong sense now that we need a general election and that the public can’t be locked out of this while the Tories carry on with this circus.”
The Labour leader continued, “Country first, party second.
“All those that are going to literally go along with this chaos, rather than allowing us to transition to a stable Labour government, are putting party first, not country first, and that’s the wrong way around.
“We all have a duty to reduce the risk and that is with a general election.
“There’s great interest in this psychodrama but for people who are struggling to pay their bills, people who’ve got mortgages that are now higher than they would have been, people who need the NHS, this isn’t a game.
“And the more this goes on, it is working people, it is the public, who are damaged by this.”
He said that he would “restore respect” for the Office for Budget Responsibility (OBR) and the Bank of England following six weeks of market insecurities.
“We need a serious, credible Labour government that will be the party of sound money and that is the single most likely thing to settle the market completely,” he said.
“The markets aren’t just some abstract chart that we look at… there are investors with huge amounts of money who don’t have confidence in what this chaotic, shambolic party are doing.”