The MP for Bedford and Kempston challenged the Government on the state of the UK economy in Parliament today, giving the Exchequer Secretary to the Treasury a multiple-choice question regarding today’s IMF forecast.
The International Monetary Fund (IMF), which seeks to stabilise economic growth, announced today (Tuesday) that Britain was the only country in the G7 whose economy would shrink this year.
The forecast said that UK household spending would falter under the weight of high energy prices, rising mortgage costs and increased taxes.
Mr Yasin’s question came after the Shadow Chancellor Rachel Reeves was granted an Urgent Question by the Speaker to raise the issue in Parliament.
Mr Yasin asked James Cartlidge MP, the Exchequer Secretary to the Treasury: “Does the Chancellor think Tory Austerity, Tory Brexit, or the Tory Truss Budget is responsible for the unique mess our economy is in or is it all of the above?”
Mr Cartlidge replied: “Well, as I’ve said, it’s very far from a unique mess when 14 EU countries have a higher rate of inflation than we do. That’s why we have focused on inflation.
“And just to be clear, that will take some difficult decisions. And I think it would help in that regard if members opposite, instead of living in a parallel universe, with their leadership and their Chancellor, talk about sound money. But not a single one of them ever do, or even venture to understand it.
“They need to show what difficult decisions they would actually take because that’s how you run a country.”
The IMF upgraded its forecasts for most leading economies and said the global outlook had brightened. But it identified the UK as an exception and said the British economy would shrink by 0.5 per cent between the final quarter of 2022 and the final quarter of this year.
Following the question in Parliament, Mr Yasin said: “Tory delusions, fantasies and downright lies about how to make our country better have led to catastrophic economic decisions for our country. What’s worse, is they have no solutions and that’s why the Chancellor, Jeremy Hunt didn’t even bother to turn up to answer today.
“I feel heartbroken for our country which has so many good people and so much potential that it’s come to this.
“The public deserves better, but they also deserve the truth. How can we begin to fix the huge problems in our economy if the Government won’t even acknowledge why we are in this mess.
“The first move to get the economy back on track is to get the vandals who have recklessly damaged our economy and are holding Britain back out of power, and put a responsible Labour Government in.”