Truss has apologized, and she’s reversed a lot of the decisions that you wanted to reverse. So can you now agree going forward that this is a plan you can work with?
Rachel Reeves MP: Well, the only thing left now from the Prime Minister’s plan is higher mortgage rates and higher bonuses for bankers. It didn’t need to be this way. But the problem is, even with all of the zigzagging U turns and chaos, the damage, the lasting damage, with people coming off fixed rate mortgages, who are now worrying about how they’re going to pay the higher rates, people trying to get on the housing ladder, for the first time, their dreams becoming a nightmare, the damage has been done. And that is because of the decisions. And you know, an arsonist is still an arsonist, even when they turn up with a bucket of water and run back into the burning building. The fire was started by the conservatives. They’ve lost all credibility. They can’t put this fire out. [BBC Breakfast]
It’s the job of the opposition to say I told you so to have some fun at their expense. But let’s let’s focus now on the policy rather than the politics isn’t Jeremy Hunt? Right. The fundamentally you agree with all the changes you unveiled yesterday?
Rachel Reeves MP: I think there’s a number of things that we would be doing that the Conservatives refuse to do still at this stage. First of all, I’ve been saying for weeks that we need to see a forecast from the Office of Budget Responsibility. The foundations of a strong economy is respect for those economic institutions that underpin it. Sure. Well, it’s coming. I mean, in another two weeks before we can see the independent forecasts, it’s not good enough. But in terms of the substance, Nick, again, I’ve been saying for months that the government should extend the windfall tax on the big profits that oil and gas companies are making and use that money, rather than than just more borrowing and more debt to support people with the rising cost of living. And another decision, which is not eye wateringly difficult, which is what the decisions that the chancellor spoke about yesterday, an easy decision would be to end the non DOM tax status that had been bringing 3 billion pounds a year, again, a decision that for whatever reason the Conservatives are refusing to make those are just some of the differences that remain between us and the conservative party. [ Today]
Dare I say you have formed your own U turn?
Rachel Reeves MP: Well, look, I’ve always said that the most important thing is securing our economic recovery. But look, what are we left with? After all of this, the only things that we are left with is higher borrowing costs for families and higher bonuses for bankers, because that is the last policy standing from that mini budget three and a half weeks ago. The truth is that ordinary people are now lumbered for years to calm with higher mortgages because of the damage that the Tories have done to our economy. And there are many people 1.8 million of them who are going to be coming to the end of May. All kids deals by the end of next year, on average, they’re looking at mortgage rates 500 pounds a month on average higher than what they are coming off. That is a disaster for people who are really worried about their family finances right now. [Good Morning Britain]
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