THE First Minister of Scotland has demanded action from the Tory government, warning that the UK is in the “grip of a rapidly deteriorating economic crisis”.
Nicola Sturgeon spoke out in the wake of emergency action from the Bank of England to mitigate the impact of Liz Truss’s tax cuts for the highest earners, funded by increased government borrowing.
The announcement of the tax cuts, from Chancellor Kwasi Kwarteng in a “mini-budget” on Friday, led the pound to crash to its lowest ever value against the US dollar.
