A SUSSEX MP has said he defended the government’s budget plans as they came under criticism after a day of financial turmoil.
Finance Secretary Andrew Griffith, who is also MP for Arundel and South Downs, told Sky News: “We think these are the right plans because these plans make our economy competitive.”
It comes after the Bank of England intervened to stabilize financial markets and said it was pushed into action after the cost of borrowing in the UK rose sharply and the pound fell against the dollar, a development fueled by the Mini-Budget was triggered by Chancellor Kwasi Kwarteng.
Mr Griffith said the government will continue to press ahead with Chancellor Kwarteng’s growth plan despite the turmoil in financial markets.
Speaking to Sky News, he added: “Step up and deliver that plan. That is what I, the Chancellor and my government colleagues are concentrating on driving and delivering that growth.
“That will allow consumers to take advantage of it. In the meantime, we’re protecting every household and every business from the biggest macro shock right now, which is energy costs.”
Mr Griffith has welcomed the Bank of England’s “timely” intervention in the markets.
He said all major economies were experiencing the same volatility that the UK is experiencing.
“What is unprecedented is the level of volatility that we have seen in any developed market. The UK entered this phase with a strong balance sheet. The UK has the second-lowest debt-to-GDP ratio in the G7,” he told Sky News.
“We are seeing the same effects of Putin’s war in Ukraine affecting things like energy costs and some of the supply side effects.
“It affects all major economies. In all major economies, you also see rising interest rates. Every major economy deals with exactly these problems
“The Bank of England made this timely intervention. What the Chancellor and I are focusing on is the implementation of this economic growth plan.”
https://www.theargus.co.uk/news/22825575.sussex-mp-defends-governments-mini-budget-plans/?ref=rss Sussex MP defends Government’s mini-budget plans