Sussex MP defends mini Budget plans following Bank of England intervention

Bank of England, PA. Inset: Andrew Griffith
Bank of England, PA. Inset: Andrew Griffith

A SUSSEX MP has said has defended the government's Budget plans as they came under criticism following a day of financial turmoil.

Financial Secretary Andrew Griffith, who is also the MP for Arundel and South Downs, told Sky News: “We think they are the right plans because those plans make our economy competitive.”

It comes after the Bank of England intervened to stabilise financial markets saying it was pushed to act after UK borrowing costs rose sharply and the pound fell against the dollar, a development triggered by Chancellor Kwasi Kwarteng’s mini Budget.

Andrew Griffith

Mr Griffith said the government will press on with Chancellor Kwarteng’s growth plan despite the turmoil in the financial markets.

Speaking to Sky News he added: “Get on and deliver that plan. That’s what I, the Chancellor and my colleagues in government are focused on is getting on and delivering that growth.

“That is what is going to allow consumers to benefit. In the meantime, we are protecting every household and every business from the biggest macro shock out there at the moment, which is the cost of energy.”

Mr Griffith has welcomed the “timely” intervention by the Bank of England in the markets.

He said that all major economies were experiencing the same volatility which the UK is seeing.

“What is unprecedented is the level of volatility we have seen in all developed markets. The UK went into this with a strong balance sheet. The UK has the second lowest debt to GDP ratio in the G7,” he told Sky News.

“We are seeing the same impacts of Putin’s war in Ukraine cascading through things like the cost of energy, some of the supply side implications of that.

“That’s impacting every major economy. Every major economy you are seeing interest rates going up as well. Every major economy is dealing with exactly these same issues

“The Bank of England has made this timely intervention. What the Chancellor and I are focused on is delivering that economic growth plan.”