The Tories have a new leader and in their first few weeks the Prime Minister and Chancellor have already crashed the economy by handing enormous, unfunded tax cuts to those who earn millions and the very richest companies.
Whilst this week they have u-turned on their plan to scrap the 45p tax rate a lot of damage has already been done. Because of this, working people will be paying higher prices and higher mortgage rates for years to come.
In the Chancellor’s budget, I challenged him on why he hadn’t published the Office for Budget Responsibility’s assessment on the impact of this ‘mini-budget’. We have never had a budget before that did not have this assessment and you can see my questions and the Chancellor’s evasion here.
It’s clear that the Tories have returned to failed trickle-down economics: the idea where you make the rich even richer and hope some of it trickles down to the rest of us. But growth doesn’t come from the top down, it comes from the talents and efforts of millions of people and thousands of businesses.
The Prime Minister needs to urgently recall parliament and reverse this disastrous ‘mini-budget’ now before they do even more damage.