“Today Liz Truss has sacked her Chancellor for implementing her own policies. She has done this in a shameless attempt to save her own skin after her disastrous mini budget crashed the economy and sent mortgage rates soaring. Her decision means that Jeremy Hunt becomes the 4th Tory Chancellor this year. This isn’t a stable or sustainable government.
“Liz Truss developed the mini-budget with her Chancellor. She signed off on every last detail – including the 45p tax cut for the super-rich – which she then had to backtrack on. She now thinks that by changing Chancellor she can dodge accountability for her own actions. She is taking the British public for fools.
“The truth is the damage has been done. It is too little, too late. Working people will be paying the price of this crisis made in Downing Street for years to come.
“The Tories have gambled with our economy and gambled with lives and livelihoods. They’ve done so against the advice of economists from across the political spectrum, and without a proper forecast from the Office for Budget Responsibilities.
“The Conservative Party has proven that they are totally ill-equipped to deal with the cost-of-living crisis. Only Labour offers the leadership, ideas and ambition to repair our economy and build a fairer, more prosperous Britain.”
Responding to Liz Truss sacking her Chancellor Kwasi Kwarteng, Andrew Gwynne said: