• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home News

Watch: Where is Chancellor? Johnson and Zahawi on holiday despite financial gloom

“The very least the British people can ask for is a Chancellor and Prime Minister who will explain how they got us into this mess and what the plan is to solve it.”

Joe Mellor by Joe Mellor
2022-08-05 08:38
in News
Credit:PA

Credit:PA

FacebookTwitterLinkedinEmailWhatsapp

Boris Johnson and Chancellor Nadhim Zahawi are on holiday despite warnings of inflation further soaring and of the economy entering the longest recession since the financial crisis.

With ministers taking a back seat as the Tory party is gripped by the leadership contest, both men were away from Westminster when the Bank of England detailed the brutal outlook.

Mr Zahawi insisted he was still working and had a call with Governor Andrew Bailey after interest rates were hiked from 1.25% to 1.75%, the biggest increase for 27 years.

But Labour accused the Chancellor and the Prime Minister of being “missing in action” as the cost-of-living crisis deepened further, with the Bank forecasting inflation could peak at 13.3%.

In a statement, Mr Zahawi said: “For me, like I’m sure lots of others, there is no such thing as a holiday and not working. I never had that in the private sector, not in government.

Dream

“Ask any entrepreneur and they can tell you that. Millions of us dream about getting away with our families but the privilege and responsibility of public service means that you never get to switch off, that’s why I have had calls and briefings every day and continue to do so.”

Leadership candidates Rishi Sunak, the former chancellor, and Liz Truss, the Foreign Secretary, trashed each other’s economic visions after the Bank unveiled the gloomy picture.

RelatedPosts

Shocking pictures show Italy’s Lake Garda at near-historic low

Water companies have handed out £1 BILLION in dividends in past year

Brits are panic buying again – this time it’s bottled water

As Post Office and BT workers to strike it’s worth watching this Mick Lynch and Eddie Dempsey interview

Mr Sunak warned that his opponent’s plans to increase borrowing to go for growth with tax cuts will “make high inflation and high prices last for longer, making everyone poorer”.

Ms Truss countered by saying the bleak forecast “underlines the need for the bold economic plan”, with Mr Sunak instead pledging to get inflation under control before enacting major tax cuts.

Shadow treasury minister Abena Oppong-Asare said: “Families and pensioners are worried sick about how they’ll pay their bills, but the Prime Minister and Chancellor are missing in action.

“The fact they’re both on holiday on the day the Bank of England forecasts the joint longest recession in 30 years speaks volumes about the Tories’ warped priorities.”

Liberal Democrat foreign affairs spokeswoman Layla Moran added: “At a time of national crisis we deserve better than these shirkers. Time and again they have been absent in the country’s time of need.

Mess

“The very least the British people can ask for is a Chancellor and Prime Minister who will explain how they got us into this mess and what the plan is to solve it.”

Ms Truss has pledged to re-examine the Bank’s mandate to make sure it has a “tight enough focus on the money supply and on inflation”.

Her ally, Attorney General Suella Braverman, said Ms Truss would review the Bank’s mandate, adding that interest rates “should have been raised a long time ago and the Bank of England has been too slow in this regard”.

Mr Johnson, who will resign from No 10 on September 6, began a summer holiday on Wednesday. It was not clear where either men are holidaying.

Watch

Anna Jones – Where is the Chancellor & the Prime Minister after this grim warning from the Bank of England?

Kwasi Kwarteng – "I'm here… I'm in a suit… I'm not on holiday.." #KayBurley #BBCBreakfast pic.twitter.com/3pxpRgovsW

— Haggis_UK 🇬🇧 🇪🇺 (@Haggis_UK) August 5, 2022

Related: Watch: Liz Truss left in a spin after she is presented with her own u-turns

Tags: Boris Johnsonnadhim zahawi

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Police granted extra stop and search powers as 100 arrested at Notting Hill Carnival

FC United of Newcastle – a new hope?

Tory MP breached parliamentary rules three times

Two for two! BBC fact checks another Boris Johnson claim

Vandals paint swastikas at NHS hospital

Tory MP says it could be ‘great opportunity’ if supermarket supply chains were to break

Top tips on how to find a good Forex broker for you

The Vaccines set to headline Goose Island LDN Block Party

Incredible picture of rare black swan swimming on River Severn

Fantasy Football Blog week 13 – arresting the slide

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.