Shadow Chancellor Rachel Reeves (pictured) has hit out at the Government for waiting until November to announce its ‘medium-term plan’ having earlier said the UK is facing a national emergency.
The former Bank of England economist took to Twitter after both the Bank of England and the Treasury were forced to make emergency statements to try and calm financial markets.
In the Treasury’s statement, it was announced that a ‘medium-term plan’ will be laid out by the Chancellor on November 23rd.
Reeves tweeted: “People are rightly worried about what these market movements mean for them and their families.
“And they want to know what the government will do to fix the problems it created through its reckless borrowing.
“But there is no time to waste – waiting until November is not an option.
“The Government must also look again at the plans they put forward in their fiscal statement last week.
“It is unprecedented and a damming indictment that the Bank of England has had to step in to reassure markets because of the irresponsible actions of the Government.”
However, it now appears that the Bank of England could need to step in with an emergency interest rate hike with the Pound tanking.
Despite trying to calm the situation in his statement, the Bank of England’s Governor, Andrew Bailey, saw the Pound drop once more following his announcement.
Economists have speculated that between now and the Bank of England’s planned interest rate announcement in November rates could be upped by 1.5% in 0.75% increments.
