WATCH: Conservatives must “get out of the way” for Labour, Miliband says

Elliot Chappell

Ed Miliband has said that the only answer to the current political turmoil is for the Conservative Party to “get out of the way and let a Labour government govern the country” as the Tories face another U-turn on its ‘mini-Budget’.

Kwasi Kwarteng decided to cut short his trip to Washington on Thursday, following days of open revolt among Tory backbenchers, to hold urgent talks in Downing Street. No 10 has downplayed speculation of a further change to the mini-Budget, but many Tory MPs think a change in the plan is inevitable.

Asked whether Liz Truss and Kwasi Kwarteng will be in office in a month’s time, the Shadow Climate Change and Net Zero Secretary said: “I have absolutely no idea – but, you know what, if the Conservative Party seems really worried about the trashing of the Conservative Party, I’m worried about the trashing of the country.

“I’m worried about people’s mortgages. I’m worried about the spectacle, the impact, this is having on people across Britain and I honestly believe that the whole of the Conservative Party bears responsibility for this. They elected Liz Truss, they imposed yet another Prime Minister on us.”

He added: “I feel like they’re gambling at the casino. They bet the house on one Prime Minister, then they get rid of them, then they bet the house on another Prime Minister. There’s only one answer for this, which is for the Conservative Party to get out of the way and let a Labour government govern the country.”

A Downing Street source told the BBC that the Chancellor is “doing an excellent job” and that he and Truss are “in lockstep”. Conservative MPs, however, have been discussing potentially ousting Kwarteng and Truss with some talking about a joint team of Rishi Sunak and Penny Mordaunt being brought in to replace them.

The mini-Budget included £45bn in unfunded tax cuts, including scrapping the cap on bankers’ bonuses, abolishing the 45% rate of income tax on earnings over £150,000 and abandoning the planned rise in corporation tax.

Following the fiscal statement, delivered last month, the pound crashed to its lowest level to date against the dollar, government borrowing costs soared and the Bank of England took emergency action in an attempt to calm the markets.

Kwarteng was forced to scrap the plan to remove the 45% rate of income tax but continuing economic turmoil prompted a further intervention from the Bank of England, which involved buying government bonds to stabilise their value. The Bank has said it is withdrawing that programme of emergency support today.

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