SCOTTISH Tory leader Douglas Ross was left squirming after being grilled over the UK Government’s catastrophic mini-budget and market-crashing tax cuts.
The Tory MSP was taken to task over his party’s decisions which led to the pound collapsing, soaring mortgage rates and an emergency intervention from the Bank of England (BoE) to stop pension pots from collapsing.
Speaking to STV’S Colin Mackay outside of the Scottish Parliament, Ross was asked if he thought Chancellor Kwasi Kwarteng’s budget would “turbocharge the economy” when it has instead turbocharged the cost crisis.
Ross replied: “Well this is an absolute opportunity. We saw the reaction from business leaders across the United Kingdom, including here in Scotland who were very positive about the budget on Friday, about what that could do to stimulate growth, to get more money into the economy, and that's really important, but we can't...”
Mackay interrupted to point out: “Surely, they’ve been trumped by the markets, by the IMF, by the Bank of England having to bail out pensions?”
Ross continued to defend the UK Government, stating: “And as I've said we cannot ignore that response to the budget and that's why I knew in the discussions with the Chancellor and with Number 10, that they are looking at this.
"We've got to look at a way forward that gives them the markets the security that they're looking for while also looking forward to grow the economy...”
When Mackay asked if that meant the budget had to be changed, Ross said “No, growing the economy is absolutely crucial.”
The STV journalist countered: “At the moment you’re shrinking the economy?”
Ross, clearly feeling the heat, replied: “But there is information required, needed by the markets, by the Bank of England. That's something that the Chancellor is very aware of.
“Parliament's back in a week's time. I expect there to be statements and urgent questions to the Treasury on that issue, and we will hear more of course next week.”
Asked if he thought there would be any mortgages left on the market by that point, Ross said: “I mean, that's a huge concern. You know, like many people Colin, I’m a mortgage payer.
“Mortgages are being withdrawn at the moment and people can't get that, so we cannot allow this to continue. But we have to look at how we grow the economy. Understandably, we are very worried about what's happening here in the United Kingdom but we are seeing very similar in...”
When Mackay challenged Ross that his party wasn’t worried enough to change the policies, the Scottish Tory leader tried to claim there are “similar impacts” in the EU and the “Euro is plummeting”.
The STV reporter countered: “People not being able to pay back their mortgages because of the massive increase in the interest rate we’re facing, we’re not seeing that in other countries?”
A flustered Ross replied: “That's exactly the point I'm saying that the Government is not ignoring this they are looking at this, they're still looking at how they can respond, give that assurance to the markets because they have...”
But challenged again on the point that it was the Chancellor’s mini-budget that caused mortgage rates to rise, Ross said: “What we need to do is provide that security and that certainty to the markets going forward to allow us to continue with the plans for growth across the economy because if we can get growth up and productivity up here in Scotland, and across the UK, then the country will be better.”
At the end of the two-minute long interview, Ross was asked if he still had faith in the Prime Minister.
“Yes, I do have confidence in the Prime Minister,” he said.
It comes as a new poll showed that if a General Election was called tomorrow, Ross, Scotland Secretary Alister Jack, and Aberdeenshire West Tory MP Andrew Bowie would all lose their Westminster seats to the SNP.
