The fourth Tory Chancellor in 2022 made ‘the biggest economic u-turn in British history’ said the BBC’s Economic Editor on Politics Live following Jeremy Hunt’s statement yesterday.

The Prime Minister, Liz Truss, won her position arguing for tax cuts for rich people to grow the economy. Also known as ‘trickle down economics’, the ‘mini-budget’ proposed by ex Chancellor Kwasi Kwarteng caused interest rates to rise, making mortgages cost more and Government borrowing to increase. The Conservative Government chose not to ask the Office for Budget Responsibility (OBR) to assess their proposals and made the job of the Bank of England to control inflation harder.

Councillor Amanda Chadderton, Leader of the Council said ‘The change this country needs is a Labour Government. I have never seen such a shambles. Liz Truss and her mate Kwasi Kwarteng have destroyed the UK’s financial credibility. This matters to anyone paying a mortgage, trying to buy a home, renting from a buy-to-let landlord or doing the weekly shop. And of top of that, the position is now worse than before the tax cuts for the rich announced in September meaning another round of Tory austerity is on its way. This is bad news for Oldham Council services, our NHS and vulnerable residents. The Tory Chancellor has ignored calls to commit to increasing welfare benefits by the rate of inflation being announced next week.’

The Chancellor also announced that the Energy Price Guarantee will end in April 2023 instead of lasting for two years. A Treasury led review will look at designing a new approach to cost less, target the most vulnerable households and businesses and promote energy efficiency.

Councillor Chadderton added ‘Last week Liz Truss boasted about the Energy Price Guarantee and now it is out of the window along with Mr Kwarteng. I’m not sure what the point of a Liz Truss led Government is. Everything she promised Tory Party members this summer has been junked. The sooner she goes the better, but another Tory Government isn’t the answer. We need a General Election to give a new Government a mandate. It simply isn’t right that the Tories can try to move on and impose yet another PM on the long suffering British people without asking us who we want in charge. Liz Truss must go but she should take the rest of the Tories with her.’