Sir Keir Starmer has demanded a recall from parliament after the UK was on the brink of financial collapse.
The Labor leader said the government should abandon plans to cut taxes and increase borrowing, which have shaken financial markets.
He said: “The government is clearly in control of the… economy … this is self-inflicted.’
“What the government must do now is recall parliament and abolish this budget before more damage is done.”
His appeal to Prime Minister Liz Truss comes after the Bank of England had to intervene to prevent a ‘material risk to the UK’s financial stability’.
It is in the wake of Chancellor Kwasi Kwarteng’s ‘mini-budget’ speech last week that sparked a market collapse.
The currency’s value plummeted after the new government announced its economic proposals on Friday.
It caused the cost of government borrowing to reach all-time highs and led to massive instability in the bond market.
Sir Keir announced at the Labor Party conference yesterday that it has plans to create a new public energy company called Great British Energy.
record the keynote speech of his party conferenceSir Keir said ‘GB Energy’ would cut bills and deliver energy independence after being won in the first year of a Labor government.
The party leader said the company would give ‘British power to the British people’.
Sir Keir took aim at his conservative rivals’ record on energy, arguing that the war in Ukraine was not the cause of the way the Tories had left the UK unprepared for skyrocketing energy bills.
This is a breaking news story, more to come soon… Check back soon for more updates.
Do you have a story? Contact our news team by sending an email to: [email protected]. Or you can submit your videos and photos here.
For more stories like this, check out our news page.
Follow Metro.co.uk on Twitter and facebook for the latest news updates. You can now also have articles from Metro.co.uk shipped directly to your device. Sign up for our daily push alerts here.