Support our Nation today - please donate here
News

Recall Parliament after ‘economic fantasist budget,’ says Plaid Cymru

28 Sep 2022 2 minute read
Plaid Cymru Westminster leader, Liz Saville Roberts MP and Plaid Cymru Treasury spokesperson, Ben Lake MP.

Parliament must be recalled after the Bank of England intervened to offset UK economic instability caused by “right-wing economic fantasists,” Plaid Cymru has said.

The Bank of England has launched an emergency UK Government bond-buying programme to prevent borrowing costs from spiralling out of control and stave off a “material risk to UK financial stability”.

The Bank announced it was stepping in to buy Government bonds – known as gilts – at an “urgent pace” after fears over the Government’s economic policies sent the pound tumbling and sparked a sell-off in the gilts market.

Plaid Cymru Westminster leader, Liz Saville Roberts MP said: “This is what happens when right-wing economic fantasists grasp the means to hatch out their monstrous policies, and let them loose in the real world. Terrifying.

“Parliament must urgently be recalled so that UK Government shelve their disastrous plans.”

Plaid Cymru Treasury spokesperson, Ben Lake MP added: “This is a huge intervention in an attempt to offset instability caused by the Government’s economically illiterate Budget. Meanwhile the Prime Minister and Chancellor are nowhere to be seen. Parliament must urgently be recalled.”

Scotland’s First Minister Nicola Sturgeon also said the Commons should be recalled to address the economic turmoil.She said the UK was in the “grip of (a) rapidly deteriorating economic crisis”.

Interest rates

Sir Charlie Bean, a former deputy governor of the Bank of England, has said that despite Wednesday’s intervention by the Bank, interest rates will still likely need to rise.Speaking to BBC News, Sir Charlie said: “The need for an immediate rate increase is much reduced. It is not going to go away though.

“It is likely that accompanying the fiscal expansion that was announced at the end of last week, the bank will have to significantly raise interest rates.

“The financial stability action today is not going to change the fact that mortgage interest rates will be rising in the future.”

He also told the broadcaster that a rapid market response could be anticipated, following the Bank of England’s announcement.

“Merely the fact of the bank standing ready to purchase UK government bonds automatically helps to stabilise the market, and I have to say this is clearly the right thing to do.”


Support our Nation today

For the price of a cup of coffee a month you can help us create an independent, not-for-profit, national news service for the people of Wales, by the people of Wales.

Subscribe
Notify of
guest

3 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Cathy Jones
Cathy Jones
2 months ago

…as my much beloved former supervisor used to say to me, sometimes even about me in reference to a rare incisive observation from myself: “She’s not wrong though, is she?”

Peter Cuthbert
Peter Cuthbert
2 months ago
Reply to  Cathy Jones

Correct. The trouble is that those living in fantasy land will not pick up on the message and simply assume that the messenger is speaking (say) Welsh which is unintelligible in Westminster.

Karl
Karl
2 months ago

Should cancel conference nonsense this Yr and put it on one of the many weeks the mp’s are off next yr. Since little get done from start of summer hols to well into October due to this fiasco. And the current government, like the last, hate scrutiny. And ban drinking to, no vote bells anymore.

Our Supporters

All information provided to Nation.Cymru will be handled sensitively and within the boundaries of the Data Protection Act 2018.