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