Paddy Lillis – Usdaw General Secretary says: “It is difficult to imagine any new Prime Minister and Chancellor making such a complete mess of the economy in such a short space of time, but Truss and Kwarteng have managed it. Never has a Budget unraveled so quickly with such devastating consequences. Their pursuit of ideological trickle-down economic policies, with no regard to the state of our economy, has spectacularly failed in less than a week.
 
“We now face the Bank of England taking emergency action, desperately buying Government bonds to stave off a ‘material risk to UK economic stability’. The Government must now immediately reverse their deeply damaging unfunded tax giveaways to the very wealthy and big businesses already making huge profits. They need to get a grip of the chaos they have caused.
 
“We desperately need a Labour Government that will focus on fairness at work, investment in economic growth and a sustainable answer to the cost of living crisis. Keir Starmer is determined to defeat the cost of living crisis and deliver a new deal for workers that will end low-paid insecure work. The general election cannot come too soon.”
 
Notes for editors:
 
Usdaw (Union of Shop, Distributive and Allied Workers) is the UK's fifth biggest trade union with around 360,000 members. Most Usdaw members work in the retail sector, but the union also has many members in transport, distribution, food manufacturing, chemical industry and other trades.
 
For Usdaw press releases visit: http://www.usdaw.org.uk/news and you can follow us on Twitter @UsdawUnion