SDLP Leader Colum Eastwood MP has added his voice to support for a recall of the House of Commons from its conference recess after a Tory budget crashed the pound, prompted rebuke from the IMF and forced the Bank of England to take emergency action to address ‘material risk’ to UK financial stability.
The Foyle MP said that the ‘millionaire’s budget’ risked leaving millions of people across Northern Ireland and Britain in financial ruin as interest rates surge, the value of the pound drops and the cost of living crisis continues unabated.
The SDLP Leader said that the chaos gripping the British economy caused by the crisis within the Conservative Party would give people in Northern Ireland pause for thought about the future.
Colum Eastwood MP said:
“The millionaire’s budget announced by the Tory government just days ago has already crashed sterling, earned a sharp rebuke from the IMF and forced unprecedented emergency action from the Bank of England to address the material risk to financial stability caused by tax cuts for the rich balanced on the backs of the poor. It is truly astounding that the first serious act of Liz Truss’ government has caused a market meltdown that will drive up interest rates, cause immense pain for anyone with a mortgage coming to the end of a fixed term and millions of others with pension commitments watching their future financial security face disintegration.
“There is no justification for the House of Commons to remain in recess when people across our communities are facing financial ruin. I am supporting calls from the Labour Party and the SNP to recall parliament urgently to address the situation and to reverse the fiscal wrecking that the Tory party has been engaged in.
“The chaos that has gripped the British economy, caused by the crisis of identity within the Tory party is a stark reminder that the interests of people in Northern Ireland will never be served by this government. It also stands in sharp relief with the budget announced by the Irish Government this week which seeks to address the cost of living crisis and the needs of working people without creating an economic crisis. The case for a social democratic new Ireland where wealth redistribution is based on addressing poverty and want rather than greed grows stronger every day. That is something that people in Northern Ireland should reflect on.”