Shadow Chancellor calls for reassurance in UK markets
Mel Stride has criticized Chancellor Rachel Reeves for her recent visit to China, calling it "tone deaf" in light of the turbulence in the UK gilt markets. Speaking on Sky News, Stride emphasized the importance of reassuring markets during such times of economic uncertainty.
Repercussions of market instability
Mr. Stride highlighted the impact of the market instability, noting that the rise in bond yields has resulted in an extra £12 billion a year in servicing national debt. He pointed out that this amount could fund various essential services, underlining the seriousness of the situation.
Call for government focus on domestic issues
Amidst the economic challenges, Stride criticized Reeves for being away on a trip to China, suggesting that she should be focusing on addressing the issues at home. He emphasized the need for a clear plan from the government to tackle the economic challenges facing the UK.
Comparison to past government actions
When questioned about previous visits by Conservative leaders to China, Stride differentiated the current situation, stating that the timing of Reeves' trip was inappropriate given the economic distress in the UK. He urged the Chancellor to prioritize addressing the concerns of the UK economy.
Reassurance and clear plan demanded
Mr. Stride concluded by calling on Chancellor Reeves to "get a grip" and be present to reassure markets and demonstrate that the government understands the depth of the economic issues at hand. He emphasized the importance of having a clear plan to navigate through the challenges.
