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Boris Johnson and Chancellor Nadhim Zahawi on holiday despite financial gloom

Boris Johnson and Chancellor Nadhim Zahawi on holiday despite financial gloom

 


Boris Johnson and Chancellor Nadhim Zahawi are on vacation despite warnings of another spike in inflation and the economy sliding into the longest recession since the financial crisis.

As ministers fade as the Conservative Party grapples with the leadership race, both men were absent from Westminster when the Bank of England detailed the stark outlook.

Mr Zahawi insisted he was still working and had a call with Governor Andrew Bailey after interest rates rose from 1.25% to 1.75%, the biggest rise in 27 years.

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(PA graphics)

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But Labor accused the Chancellor and Prime Minister of missing action as the cost of living crisis deepened further, with the Bank predicting inflation could peak at 13.3%.

In a statement, Mr Zahawi said: For me, like I am sure many others, there is no holiday without work. I’ve never had that in the private sector, nor in government.

Ask any contractor and they can tell you. Millions of us dream of leaving with our families but the privilege and responsibility of public service means you can never switch off which is why I got calls and briefings every day and I continue to do.

Leadership hopefuls Rishi Sunak, the former Chancellor, and Liz Truss, the Foreign Secretary, trashed each other’s economic visions after the Bank exposed the grim picture.

Mr Sunak warned that his opponents plan to increase borrowing to promote growth with tax cuts, this will prolong inflation and high prices, making everyone poorer.

Ms Truss countered by saying the bleak outlook underscores the need for a bold economic plan, with Mr Sunak instead pledging to get inflation under control before enacting deep tax cuts.

Shadow Treasury Minister Abena Oppong-Asare said: Families and pensioners are very worried about how they will pay their bills, but the Prime Minister and Chancellor are missing.

The fact that they are both on holiday on the day the Bank of England predicts the longest common recession in 30 years speaks volumes about the Tories’ warped priorities.

Liberal Democrat foreign affairs spokeswoman Layla Moran added: In times of national crisis, we deserve better than these crooks. Time and time again they have been absent in times of need from the country.

The least the British people can ask for is a Chancellor and Prime Minister who will explain how they got us into this mess and what the plan is to solve it.

Ms Truss pledged to review the bank’s mandate to ensure it is sufficiently focused on the money supply and on inflation.

Her ally, Attorney General Suella Braverman, said Ms Truss would review the bank’s mandate, adding that interest rates should have been raised a long time ago and that the Bank of England was too slow in this regard .

Mr Johnson, who will step down from No 10 on September 6, began his summer vacation on Wednesday. It was unclear where the two men were vacationing.

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2/ https://www.independent.co.uk/business/boris-johnson-and-chancellor-nadhim-zahawi-on-holiday-despite-financial-gloom-b2138404.html

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