Latest updates: chancellor says ‘we’ve learned that you can’t fund spending or borrowing without showing how you are going to pay for it’
Angela Rayner, Labour’s deputy leader, has criticised Kwasi Kwarteng, the former chancellor, for refusing to apologise for the impact of his mini-budget in his interview with Talk TV last night.
When Kwarteng was asked by the present, Tom Newton Dunn, if he would apologise to people who had to pay more for their mortgages after the mini-budget, as lenders put their interest rates up in response to the assumption in the markets that Kwarteng’s policies would lead to the Bank of England raising interest rates by more than expected, Kwarteng replied:
I’m not going to, I’m not going to comment on that. I think it was regrettable. And I think people were very, very concerned. Interest rates were going up. The Bank of England has put interest rates up and all of that was happening. But there was turbulence and I regret that.
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