JThe pound continued to fall this morning as it slumped to a historic low against the dollar in the wake of Kwasi Kwarteng’s “mini budget” on Friday last week.
Rachel Reeves, the shadow chancellor, said the fall in the value of the currency should be a “cause for concern” as she accused Liz Truss and Mr Kwarteng of behaving like “gamblers in a casino chasing money.” ‘a losing race’.
She told Times Radio: “I think a lot of people had hoped it would sort itself out this morning after the weekend, it didn’t happen, there was a new sell-off in trading early in the morning, trade overnight, in Asia and elsewhere and that should be cause for concern.
“And instead of blaming everyone, I think the Chancellor and the Prime Minister, instead of behaving like two gamblers in a casino chasing a losing run, they should be aware of the reaction not only of financial markets but also public reaction That said, lowering taxes for people earning over £150,000, a tax cut worth over £50,000 a year for someone earning £1million of £ a year is simply not the right priority in the midst of a cost of living crisis.
She added: “The financial markets are unimpressed, the British public are unimpressed and I think the Chancellor and the Prime Minister need to take notice because they’re not playing with their own money, they’re playing with all of our money and it is irresponsible and irresponsible in addition to being grossly unfair.