JACOB Rees-Mogg has criticised the BBC ’s reporting of the economic turmoil witnessed in the wake of the government’s mini-Budget, claiming that its relation to the chancellor’s statement is “speculation”.
Appearing on the BBC’s Today programme, the business secretary said the differing interest rates between the USA and the UK were a bigger contributor to the financial chaos seen over the past few weeks than Kwasi Kwarteng’s unfunded tax-cutting plans, which were set to cost £45 billion.
In the immediate aftermath of Kwarteng’s mini-Budget the value of the pound plummeted, mortgage rates increased, and the Bank of England was forced to step in to stop the pension industry from collapsing.
