A minister slammed the Tories’ economic legacy today, saying the last government left British finances in the “worst set of circumstances” since World War 2.
Speaking to James Murray, the exchequer’s secretary, on his Sky News programme, presenter Trevor Phillips said: “I presume 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 replied: “We were warning 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’ve taken office has confirmed that.”
He added that chancellor Rachel Reeves is waiting for Treasury officials to “conduct a thorough assessment of the state of public finances and public spending”, which she will report to parliament by the end of July.
Phillips said: “So you’re not surprised yet.”
Trevor Philips, “How big is the financial hole that you have inherited from 14 years of the Conservative party?”
James Murray, “We were warning throughout the general election campaign that we would be likely to inherit the worst set of circumstances since WWII. And frankly,… pic.twitter.com/00uT7z13f4
— Farrukh (@implausibleblog) July 21, 2024
Phillips also asked Murray: “Have ministers apologised to Liz Truss for the briefing on the King’s Speech which describes her economic program as a disaster?”
The ex-PM, who was kicked out of office after her mini-Budget sent markets into turmoil with £45bn of unfunded tax cuts, has complained repeatedly this week that her name had appeared in government documents.
The briefing notes available online originally mentioned her three times.
One reference said Labour were planning on rolling out a Budget Responsibility Bill which would “ensure that the mistakes of Liz Truss min-Budget cannot repeated” with a “fiscal lock”.
Her name has now been removed from the documents.
Back on Sky News, Murray replied with a laugh: “Have ministers apologised? Has Liz Truss apologised, do you mean?”
Phillips said: “No, but the point is this is a civil service briefing, and it describes their previous masters’ actions as a disaster.
“That’s not in line with the standards of integrity that you promised us, is it?”
“I don’t know that particular briefing you’re talking about,” Murray said.
“But everyone knows that what Liz Truss did the economy was a disaster. It crashed the economy. People are still paying the price now.”
He said that is why Labour is making sure all of its spending commitments are fully funded.
