The Prime Minister has been forced to abandon her unfunded tax cut for the 1% of highest earners.
This Government U-turn is too late for the families who will pay higher mortgages for years to come. It will also do nothing to help or to reassure the people in Tooting and beyond.
The Tories have destroyed their economic credibility and damaged trust in the British economy.
Twelve years of Tory government have left the economy in chaos, and the new Prime Minister continues to make it up as she goes along. Today’s U-turn does not mark a move away from disastrous Tory economics, it’s just some districation.
The Government needs to reverse their trickle down strategy. It just doesn’t work. Instead, they need to offer a programme of measures that will offer real support to those struggling with rises in food and energy bills, and increases in rent and mortgage payments. Too many people will struggle to pay their bills and put food on the table this winter, and the Government must step in now.