London MPs have reacted after a turbulent day for the Government has seen further economic U-turns and the sacking of Chancellor Kwasi Kwarteng.
Labour and Liberal Democrat MPs across London have reacted with condemnation at the continued performance of Liz Truss’ Government, and Kwarteng’s economic legacy.
Jeremy Hunt has been appointed as the new Chancellor, having previously held the ministerial positions of Health and Foreign Secretaries.
The sacking comes amid a period of intense economic instability as the Chancellor’s mini-budget last month caused a fall in the price of sterling and market chaos.
Sir Keir Starmer, said: “Truss’ reckless approach has crashed the economy, causing mortgages to skyrocket and undermined Britain’s standing on the world stage.”
In a further U-turn from her original economic stance, Truss announced that she will keep the increase in corporation tax that was promised under the previous administration at a press conference this afternoon.
The increase is forecasted to raise £18 billion per year and thus act as a downpayment towards the Government’s longer term fiscal plan.
Truss also reaffirmed her commitment to growth in a set of policies she hopes will reassure the markets of her government’s economic stability and fiscal discipline.
The Shadow Foreign Secretary and MP for Tottenham, David Lammy, has labelled Kwarteng’s performance as humiliating.
Lammy also criticised of Liz Truss in her attempt to shift economic blame away from herself as she attempts to restore both economic and political credibility and respect.
He said: “We need a change of government.”
Lammy’s thoughts were echoed by Wes Streeting, Labour MP for Ilford North.
The Shadow Health & Social Care Secretary said: “The Prime Minister has sacrificed her Chancellor to save herself, but her fingerprints are all over the kamikaze budget.”
The former Labour Leader and MP for Islington North, Jeremy Corbyn, highlighted the impact economic turmoil is having on people’s lives.
Corbyn said: “Millions of people are still waiting for a plan to tackle the cost-of-living emergency.”
The Liberal Democrat MP for Twickenham Munira Wilson echoed Corbyn’s calls for an early General Election.
Wilson, said: “This shouldn’t be the end just of Kwarteng’s disastrous chancellorship, but of years of ineptitude.”