Former Cabinet minister Michael Gove has slammed the mini-budget, saying Liz Truss and Kwasi Kwarteng must address the numerous “mistakes.”
He told Sunday with Laura Kuenssberg on BBC One: “This is a time of profound uncertainty and concern for people across the country. We’re in grim economic circumstances, people are facing the prospects of their mortgages rising, people are looking to Liz and Kwasi and they want reassurance.
“They want to know this plan has been well thought through, that it will work, that it will command the confidence of the money men in the markets. But they will also want to know that the Prime Minister and the Chancellor share their values.”
“There were a number of mistakes made last Friday in the fiscal event, the mini-budget, but there is room and time to address them and to correct them. That’s the challenge this week.”
“Thirty five per cent of the additional money we are borrowing is for unfunded tax cuts, cutting taxes for the wealthiest is a display of the wrong values.”
Watch Michael Gove’s response in full below
Liz Truss admitted she could have “laid the groundwork” better for the plans outlined in the Government’s mini-budget, which sparked market volatility.
“I’m afraid there is an issue that interest rates are going up around the world, and we do have to face that,” she said on the BBC’s Sunday with Laura Kuenssberg.