00:00Clearly, markets are reacting negatively to what has been, since they took office, a pretty
00:05troubling situation in the Treasury, where they started off by talking down the economy,
00:10talking down the country, which has spooked investors.
00:13And then we had the Halloween budget, which will see growth downgraded by the OBR, inflation
00:20go up, debt go up, and that is a troubling mix for investors, and therefore they are
00:26walking with their feet.
00:29We are very clear that Rachel Reeves needs to urgently get a grip of this, as well as
00:33Keir Starmer, and really change course, because this is going to be really hurting individuals
00:39across the country with higher interest rates, higher mortgage payments, and so this could
00:45be hurting for everybody in due course.
00:48So I think she should reverse some of the measures that she's implemented.
00:52We know that she introduced a manifesto-breaking national insurance contribution increase.
00:59That's going to hurt businesses, they're going to push those extra costs onto consumers,
01:03which is going to push up inflation.
01:05She needs to really reassess that budget, and come to the House and explain how she's
01:09going to calm markets urgently.
01:11Well, on the one hand, China is the second largest economy in the world, and as a G7
01:18economy ourself, we should engage with the largest countries in the world, and the largest
01:23economies in the world.
01:24But we should do so with our eyes wide open, and I understand Rachel Reeves will be coming
01:28to the House today.
01:30She needs to explain how she will capture the opportunities of that economy, while also
01:35protecting UK interests, UK national security, supply chains, and intellectual property.
01:41And so it's about balance with China, but clearly they don't play by the same rules
01:46as some of our friends in Europe and the United States, and so we should enter any engagement
01:51with China very clearly with our eyes wide open.
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