‘This is all hysteria’: Tory MP Marco Longhi defends mini-budget and slams media coverage

Mr Longhi’s support for Truss and Kwarteng’s stance comes after prominent Tory MP’s, such as Rishi Sunak and Sajid Javid, have taken steps to generate a distance between themselves and the current leadership - for example avoiding the ongoing Tory party conference.

In an exchange with Sangita Myska, Mr Longhi argued that the government’s economic policies are not at fault.

Mr Longhi went on to express that the media are guilty of construing lies and hysteria on the matter.

“Every country is facing high inflationary pressures and the value of their currencies are losing ground against the dollar,” said Mr Longhi.

“The attempt to portray this as something happening only in the UK is not accurate.”

Mr Longhi’s comments follow a clash between himself and Sangita, where he argued that last week’s crash in the value of pound sterling is not directly related to last week’s announcement of the mini-budget.

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Sangita took a stand against Mr Longhi’s perspective by bringing up the fact that mortgage rates have increased by nearly 10% since the mini-budget had been publicly unveiled.

Mr Longhi responded: “Can I just say, I have not seen mortgage rates at 10%, where have you seen that?”

Sangita informed Mr Longhi that the figure had been broadcast on BBC News earlier this week.

Typically, the financial markets fall into frenzy when economic changes are announced with little prior warning or further information.

The two clashed again over a report published in The Sunday Times that also linked the crash of the pound to the announcement of the mini-budget.

The report suggested that the Chancellor had attended a drinks reception with prominent hedgefunders soon after unveiling the new package. At the reception, Kwarteng is said to have been ‘egged on’ by the hedgefunders to execute further underfunded cuts.

“The media generates stories like this in order to grab a headline,” said Mr Longhi.

“I don’t know where you’re coming from, and [the economic plans] have not shaken MPs.”

Mr Longhi told Sangita that he feels like the media are construing lies and hysteria surrounding the current economic situation.

Sangita then questioned the Tory MP on the extent to which he supports the government and their economic plans, and how common that support really is.

“Every MP that I am bumping into has been completely calm and positive about the direction that the party is moving in,” said Mr Longhi.

“I completely back Kwasi and I back the Prime Minister and the direction in which she is taking the country.”

In recent days, the Prime Minister lost a large amount of public support.

A poll undertaken by The Observer discovered that 3/4 of UK voters, including 71% of those that backed the Conservatives during the 2019 general election, believe that the Prime Minister and the Chancellor have lost control of the economy and the nation’s finances.

It was revealed on Thursday 29th September that the Labour Party has gained a 33-point lead over the ruling Conservatives in a new YouGov poll.

The Government’s new economic policies, which include cuts to the welfare state, benefits, and income tax were met with widespread outrage and have left Truss’ government in a precarious position as the pound plummeted to an all-time low.

Amid the circulation of news that many Tory politicians are distancing from the current government, Sangita questioned Mr Longhi on his thoughts on Michael Gove’s admission that he doesn’t support the mini-budget.

“Michael Gove needs to learn more detail about it,” said Mr Longhi.