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The UK Government have been slammed as unsuitable for office by a Renfrewshire MP.

The last week has seen one of the biggest financial crises since the banking crash of 2008, after last Friday’s mini-budget caused a run on the pound and massive increases in government borrowing costs.

The Bank of England was forced to make an emergency intervention on Tuesday following worries from numerous pension funds that they were in danger of going bust.

That intervention is backed financially by the UK Treasury, meaning taxpayers are on the hook for the costs of the unprecedented action.

The events of the last week have increased the chances of mortgage rates going higher quicker, with lenders withdrawing products from the market due to the uncertainty and borrowers seeing their rates increase massively as their fixed rate period ends.

The increase in mortgage rates could wipe out any savings on energy costs that might be made, despite electricity and gas costs doubling the next year.

The UK Government’s antics were slammed by Paisley and Renfrewshire North MP, Gavin Newlands.

Gavin said:

“The events of the past week alone are about as clear a demonstration of the Tories’ unsuitability for office as you are likely to get.

“In the space of seven days the UK has handed the super rich a huge tax break, given bankers the green light for massive bonuses, crashed the pound, put pension funds at risk of collapse, and forced the Bank of England to enact emergency measures that could cost the taxpayer billions of pounds.

“In just three weeks in office Liz Truss and her Chancellor have created utter chaos and caused even more stress and worry for households already trying to work out how to get through a winter that will harder than we have seen for decades.

“But they are simply the latest in a long line of Tories who have taken turns over the last 12 years to put the screw on ordinary households while their chums are laughing all the way to their sunny tax havens.

“The UK is failing, failing in its duty to protect the economy, failing in its duty to protect its citizens, and failing to provide even the most basic, rational economic policies that would help tackle the cost of living crisis.

“It’s time we had the opportunity to ditch this painfully unfunny circus and stake out our own destiny as an independent country with a normal economic policy.”


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