'We're facing a national emergency': Shadow chancellor attacks Truss's plan which 'has been tested and has failed'

'We're facing a national emergency': Shadow chancellor attacks Truss's plan which 'has been tested and has failed'
'We're facing a national emergency': Shadow chancellor attacks Truss's plan which 'has been tested and has failed'

Arabnews24.ca:Monday 26 September 2022 07:51 AM: Labour's shadow chancellor Rachel Reeves has said the UK Government is putting the economy in danger and attacked Prime Minister Liz Truss's plan of "trickle-down economics" after the pound sank to a record low against the dollar.

Sterling slipped to a low of $1.0327 on Monday, before stabilising at around $1.07, following lows seen after Chancellor Kwasi Kwarteng unveiled his £45bn tax-slashing package in the mini-budget on Friday.

She described "trickle-down economics" as an idea that "has been tried, has been tested and has failed", during a speech at Labour's conference in Liverpool.

"We are facing a national emergency," she said. "Energy prices up the cost of the weekly food shop up, people's wages not keeping up.

"On Friday, the chancellor had an opportunity to set out a serious response to the cost of living crisis. And he failed."

Ms Reeves added: "The message from financial markets was clear on Friday, and this morning the message is even more stark - sterling is down [and] that means higher prices."

The shadow chancellor described the Conservative Party's record as "12 years of failure", adding: "It's time for a government that is on your side, and that government is a Labour government."

More from Politics

She said: "The prime minister is content to let energy giants pocket the cash and leave your children and your grandchildren to pick up the tab.

"Under these Tories, those with the broadest shoulders carry the lightest load. And not by accident, but by choice.

Advertisement

"It is time for a government that is on your side."

Ms Reeves promised a new deal for working people, with strengthened rights, saying "minimum wage will be set at a level that reflects the real cost of living".

Among her priorities, she said she would double the number of medical school places "so our NHS has the doctors that it needs" - and also double the number of district nurses and create 10,000 more nursing and midwife places every year.

The shadow chancellor said the new vacancies - which include 5,000 new health visitors - will be funded by bringing back the 45p income tax rate cut introduced by the government last week.

She said: "I can tell you, those at the top will pay their fair share."

Get the latest news delivered to your inbox

Follow us on social media networks

NEXT These 25 stunning images are shortlisted for a top wildlife photography award
 
c 1976-2021 Arab News 24 Int'l - Canada: كافة حقوق الموقع والتصميم محفوظة لـ أخبار العرب-كندا
الآراء المنشورة في هذا الموقع، لا تعبر بالضرورة علي آراء الناشرأو محرري الموقع ولكن تعبر عن رأي كاتبيها
Opinion in this site does not reflect the opinion of the Publisher/ or the Editors, but reflects the opinion of its authors.
This website is Educational and Not for Profit to inform & educate the Arab Community in Canada & USA
This Website conforms to all Canadian Laws
Copyrights infringements: The news published here are a feed from different media, if there is any concern,
please contact us: arabnews AT yahoo.com and we will remove, rectify or address the matter.