Furious Nick Ferrari blasts treasury minister's 'pitiful' explanation of self-inflicted UK financial turmoil

29 September 2022, 08:13 | Updated: 29 September 2022, 08:26

Furious Nick rebukes senior Tory Minister over mini-budget

By Asher McShane

Treasury Minister Chris Philp's defence of the government's mini-budget was blasted as 'pitiful' by Nick Ferrari this morning on LBC.

After the Chancellor's radical shake-up of the UK's finances was announced, the pound crashed, mortgage products were pulled and the Bank of England had to step in with a £65bn bailout to avert a pension fund crisis.

Chief Secretary to the Treasury Chris Philp was sent out by the government to defend the turmoil in a round of interviews this morning. Speaking to Nick Ferrari on LBC, he was accused of providing a "pitiful" defence when he tried to pin it on Putin's invasion of Ukraine.

Furious Nick Ferrari said Mr Philp's explanation of the last few days was 'pitiful'
Furious Nick Ferrari said Mr Philp's explanation of the last few days was 'pitiful'. Picture: LBC

Mr Philp said: "We’ve seen for the last few months moves in global financial markets largely caused by Putin’s illegal invasion of Ukraine.

"Just a few days ago we saw the Bank of Japan exceptionally intervening in the Yen, we’ve seen all kinds of things happen around the world, we’ve seen interest rates rising around the world…"

"Is that the best you’ve got?" Nick asked. "That’s the best you and your team have got is it? "

"I don’t accept your characterisation," said Mr Philp.

Read more: PM to finally face questions after days of economic turmoil as Bank spends £65bn to avert pensions collapse

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"Pitiful," came the response.

Mr Philp continued, “The Bank of England intervened in a targeted way yesterday… that intervention appears to have been successful.”

"You took the pound to an all time low - what’s failure in your book?" asked Nick.

“It has gone up since then. What is ultimately important is that we get this economy growing, we get people’s wages going up, that is what the growth plan will do.”

Nick’s rage at the treasury response came as the PM defended the mini-budget.

Prime Minister Liz Truss said the mini-budget was the "right plan". saying "urgent action" was needed to protect the country from rising energy bills and to get the economy growing.

In her first public comments since Mr Kwarteng's statement plunged the financial markets into turmoil, the Prime Minister said today: "We had to take urgent action to get our economy growing, get Britain moving and also deal with inflation.

"Of course that means taking controversial decision but I am prepared to do that as Prime Minister because what is important to me is that we get our economy moving, we make sure that people are able to get through this winter and we are prepared to do what it takes to make that happen."

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