Easington MP Grahame Morris has backed those seeking the recall of Parliament and has called on the Labour Leader to put an ultimatum to the new Prime Minister.

In a letter to the Labour Leader, Sir Keir Starmer, Mr Morris demanded the government reverse Friday’s damaging mini-budget, or face a confidence vote. Following the new Chancellor’s Kwasi Kwarteng’s first statement to parliament, the UK is facing an unprecedented economic shock, with the collapse of the mortgage market, the pound crashing, and an extraordinary intervention from the Bank of England to prop up the economy by buying up UK government bonds.

The economic crisis gripping the UK has been brought about by the Government’s decision to use borrowing to fund substantial tax cuts for corporate Britain, lifting the cap on bankers’ bonuses, and abolishing the top rate of tax for people earning over £150,000 a year.

The so-call mini-budget, which did not undergo scrutiny from the Office of Budget Responsibility, has been criticised by international financial institutions, as well as senior members of the Conservative Party.

Simon Hoare, Tory MP for North Dorset and chair of the Northern Ireland Select Committee, said: “In the words of Norman Lamont on Black Wednesday: ‘Today has been a very difficult day’.

“These are not circumstances beyond the control of Govt/Treasury. They were authored there. This inept madness cannot go on.”*

Grahame Morris MP for Easington, welcomed those speaking out against the Truss Budget, he said:

“This is one of the most extraordinary weeks I have experienced in politics. A Government inflicted economic crisis is threatening the financial stability of the country. A tax giveaway to the wealthiest in society, funded through borrowing during a cost-of-living crisis, is mortgaging the long-term future of our country.

The Government must acknowledge their mistakes, but carrying on regardless is prolonging the economic suffering. We are moving from a policy error to what is tantamount to economic incompetence and chaos. If the Prime Minister refuses to change course, in the national interest, she must go to the country to secure electoral support for her extreme economic policy for which she has no mandate.

I do not believe there is a majority in parliament for this extreme economic shock therapy, and if the Prime Minister will not change course, the only option remaining is to seek a confidence vote and a General Election.”

End.

* Keir Starmer calls for recall of parliament over economic crisis (Comment from Simon Hoare MP)
https://news.sky.com/story/keir-starmer-calls-for-recall-of-parliament-over-economic-crisis-12706923