Chancellor admits mini Budget caused 'a little turbulence' but says 'we couldn't simply do nothing'
Chancellor Kwasi Kwarteng has admitted his mini budget caused "a little turbulence", after over a week of economic turmoil sparked by his fiscal plan.Last week the pound plummeted to a record low and lenders pulled mortgages from the market after his plan, which included scrapping the bankers' bonus cap and the top level of tax - the latter of which the government U-turned on 10 days later.
His comments have drawn criticism from opposition parties, with Liberal Democrat Treasury spokesperson Sarah Olney accusing him of making light of the situation facing "the millions of people already facing spiralling mortgage costs".Afterwards the pound went into free-fall and the Bank of England was forced to make a £65 billion emergency intervention to restore order.
"I've said what I've said about the 45p rate and I'm totally focused on delivering the growth plan, on delivering the energy intervention or making sure that the 1p reduction in the basic rate continues," he said.Asked the third time if there would be more U-turns, he repeated: "We're totally focused on the growth plan.
Nadine Dorries calls for a general election and accuses Liz Truss of not having a mandate for her policiesJames O'Brien reacts to 'humiliating' U-turn by Truss and Kwarteng, saying they've lost credibility 'probably forever'
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