Rolling coverage of the latest economic and financial news, including reaction to UK interest rates hitting a 15-year high on Thursday
Shadow chancellor Rachel Reeves has labelled yesterday’s rise in interest rates a “hammer blow for working people” which, she argues, did not need to happen.
Writing in the Daily Mirror, the shadow chancellor said the Government is “managing decline rather than getting us moving”.
“This rise – a hammer blow for working people – did not have to happen.
“The Tories crashed the economy with last September’s disastrous mini-Budget and left you paying the price.”
First, we’d make sure the banks provide support to mortgage holders who are struggling with repayments.
Second, we would introduce a proper windfall tax on the huge profits the oil and gas giants are making because of Russia ’s invasion of Ukraine and use that money to help families with the cost of living.
