TSSA General Secretary, Manuel Cortes, has called on the Prime Minister and Chancellor to resign amid the continuing intense pressures on sterling and interest rates after what he described as last week’s “Calamitous Friday” mini-Budget.
The pound has continued to take a battering on the markets, touching a record low against the dollar as a reaction to the biggest unfunded tax cuts for half a century – and the wider economic policies of Liz Truss and her Chancellor, Kwasi Kwarteng.
Analysts are now predicting that the weakness of the pound is likely to spark an emergency interest rate hike by the Bank of England, with Downing Street refusing to comment on the turmoil.
Calling for resignations at the top of government, union boss Cortes said the crisis was a result of Kamikwasi economics, with no basis in reality.
Commenting, Cortes said: “The net result of Kamikwasi economics will be higher inflation, a spike in interest rates and an increased cost of government borrowing making all of us poorer.
“Along with Truss the Chancellor must resign without delay and if they refuse to do so Tory MPs must remove them. No one can be in any doubt that their bogus economic strategy is a real and present danger to British jobs, businesses and livelihoods.
“They have done the impossible - uniting the financial markets and trade unions. We are speaking with one voice, saying you can’t trust the Tories with the economy. Only a Labour government will sort out this mess and that can’t come soon enough.”