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Minister says Tories have left UK finances in ‘worst state since Second World War’
Former Prime Minister Rishi Sunak and his chancellor Jeremy Hunt, who are now both on the opposition benches via Associated Press
A minister today criticised the Tories’ economic legacy, saying the last government had left Britain’s finances in the “worst set of circumstances” since the Second World War.
Speaking to Treasury Secretary James Murray on his Sky News show, presenter Trevor Phillips said: “I assume you’ve had a first look at the books.
“How big is the financial hole we’re in – bigger, smaller, or as you expected?”
Murray responded: “We warned throughout the election campaign that we were likely to inherit the worst set of circumstances since the Second World War.
“And frankly, everything we’ve seen since we took office has confirmed that.”
He added that Chancellor Rachel Reeves is expecting Treasury officials to “conduct a full assessment of the state of public finances and public spending”, which she will report to parliament by the end of July.
Phillips said, “Then you’re not surprised yet.”
Trevor Philips, “How big a financial hole have you inherited from 14 years of Conservative rule?”
James Murray, “We were warning throughout the general election campaign that we were likely to inherit the worst set of circumstances since the Second World War. And frankly,… photo.twitter.com/00uT7z13f4
– Farrukh (@implausibleblog) July 21, 2024
Phillips also asked Murray: “Have ministers apologised to Liz Truss for the King’s Speech briefing describing her economic programme as a disaster?”
The former prime minister, who was forced out of office after her mini-budget sent markets into turmoil with £45bn of unfunded tax cuts, has repeatedly complained this week that her name appeared in government documents.
The briefing notes available online originally mentioned it three times.
One reference said Labour was planning to launch a Budget Responsibility Bill that would “ensure the mistakes of Liz Truss’ mini-budget cannot be repeated” with a “fiscal lockdown”.
Her name has been removed from the documents.
Back on Sky News, Murray responded with a laugh: “Did ministers apologise? Did Liz Truss apologise, you mean?”
Phillips said: “No, but the point is that this is a civil service briefing and it describes the actions of your former superiors as a disaster.
“This isn’t up to the standards of integrity you promised us, is it?”
“I’m not familiar with that specific briefing you’re talking about,” Murray said.
“But everyone knows that what Liz Truss did to the economy was a disaster. It crashed the economy. People are still paying the price now.”
He said this is why the Labour Party is ensuring all its spending commitments are fully funded.