Shadow chancellor Rachel Reeves attacks Liz Truss’s economic plan which ‘has been tested and has failed’ | Politics News

Labour’s Chancellor Rachel Reeves said the UK Government was putting the economy in jeopardy and attacked Chancellor Liz Truss’ “drip economy” plan after the pound fell to a record low. continent against the dollar.

Sterling dropped to as low as $1.0327 on Mondaybefore stabilizing at around $1.07, after lows seen after Prime Minister Kwasi Kwarteng revealed £45bn tax relief package in small budget on Friday.

She described “drip economics” as an idea “tried, tried and failed”, in a speech at Labour’s conference in Liverpool.

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“We are facing a national emergency,” she said. “The price of energy has gone up, the cost of food shops has gone up every week, and people’s wages have not kept up.

“On Friday, the prime minister had the opportunity to devise a serious response to the cost-of-living crisis. And he failed.”

Ms Reeves added: “The message from financial markets was clear on Friday, and this morning the message was even clearer – sterling fell. [and] That means higher prices. “

Ms Reeves promised a new deal for workers, with enhanced rights, saying “the minimum wage will be set at a level that reflects the actual cost of living”.

Among her priorities, she says she will double the number of medical schools “so our NHS has the doctors we need” – while also doubling the number of district nurses and creating 10,000 more nursing and midwifery places each year.

‘The top people will pay them fairly’

The shadow chancellor said new vacancies – including 5,000 new health visitors – would be funded by bringing back the 45p income tax cut the government introduced last week.

“I can tell you, the top guys will pay them fairly,” she said.

Labor says the tax cuts will cost £6bn between now and 2026/2027 and benefit only the top 600,000 earners – each of whom will receive £10,000.

The party said that by reversing the cuts it could fund “one of the largest NHS workforce expansions in history”.

The shadow chancellor described the Conservative Party’s record as “12 years of failure”, adding: “It’s time for a government to be on your side, and that government is a Labor government.”

She said: “The Prime Minister is content to let the energy giants pocket the cash and leave it to your children and grandchildren to earn.

“Under these Tories, those with the widest shoulders carry the lightest loads. And it’s not by chance, but by choice.

“It’s time for a government to be on your side.”

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