Ferrari rages at Treasury chief trying to defend financial mayhem
Chris Philp grilled by Nick Ferrari on economic situation
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Chancellor Kwasi Kwarteng’s tax cuts plan sent shockwaves throughout Britain’s economy, with the Bank of England forced to intervene to prevent a devasting crisis in major pension funds. In the days following the announcement, the pound fell to an all-time low against the dollar and lenders withdrew hundreds of mortgages amid economic uncertainty. In a brutal tirade, Nick Ferrari lambasted the Chief Secretary to the Treasury Chris Philp for claiming the economy will pick up again with the mini-budget.
After reading out all the frontpages describing the imminent financial chaos provoked by the mini-budget, Nick Ferrari dressed down Chief Secretary of the Treasury Chris Philp in a brutal rant.
He said: “Chief Secretary, no mention of Ukraine! Total mention of Kwasi Kwarteng on the budget!
“Stop treating my listeners as fools!
“This is down to your bosses’ work, and it needs to be changed, doesn’t it?”
In his defence, Mr Philp said: “No, but if you listen to the action of British business organisations to Kwasi Kwarteng’s growth plan on Friday, for example the Confederation of British Industry (CBI), the Federation of Small Businesses, the British Chambers of Commerce – they all strongly welcome the growth plan.
“And they are the organisations that represent British businesses…”
Mr Ferrari cut him off, slashing: “Do you strongly welcome the collapse of pension funds?”
Mr Philp continued: “Just bear with me as I bore with you.”
As Mr Ferrari heaved a heavy sigh, Mr Philp persisted: “Those business organisations strongly welcome the growth plan and the energy intervention.
“And it is their members who are responsible for ultimately creating jobs and for growing the economy.
“The Bank of England intervened exceptionally in a very targeted way yesterday. The Bank of Japan did something in the currency market exceptionally a few days before that.
“That intervention appears to be successful, the markets have settled.”
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Mr Ferrari then asked in disbelief: “How can you call this successful? You took the pound to an all-time low. Is that success? God Almighty, what’s failure in your book?”
Though UK business leaders have praised the Government for cutting taxes, they have also expressed concern over the inflationary impact the measures will have on consumers and the cost-of-living crisis.
According to the Financial Times, the leaders regret the mini-budget is creating economic uncertainty and perceived weakness in international markets.
Calls are mounting for the Government to reverse course on tax cuts ahead of the Conservative Conference. Liz Truss is poised face a divided party, with some MPs having already sent no-confidence letters to the 1922 Committee.
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