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Shadow chancellor Rachel Reeves attacks Liz Truss’s economic plan which ‘has been tested and has failed’ | Politics News

Labour’s shadow chancellor Rachel Reeves has said the UK Government is putting the economy in danger and attacked Prime Minister Liz Truss’s plan of “trickle-down economics” after the pound sank to a record low against the dollar.

Sterling slipped to a low of $1.0327 on Monday, before stabilising at around $1.07, following lows seen after Chancellor Kwasi Kwarteng unveiled his £45bn tax-slashing package in the mini-budget on Friday.

She described “trickle-down economics” as an idea that “has been tried, has been tested and has failed”, during a speech at Labour’s conference in Liverpool.

Politics live: Tories ‘already putting letters in’ as MPs fear Liz Truss will ‘crash economy’

“We are facing a national emergency,” she said. “Energy prices up the cost of the weekly food shop up, people’s wages not keeping up.

“On Friday, the chancellor had an opportunity to set out a serious response to the cost of living crisis. And he failed.”

Ms Reeves added: “The message from financial markets was clear on Friday, and this morning the message is even more stark – sterling is down [and] that means higher prices.”

Ms Reeves promised a new deal for working people, with strengthened rights, saying “minimum wage will be set at a level that reflects the real cost of living”.

Among her priorities, she said she would double the number of medical school places “so our NHS has the doctors that it needs” – and also double the number of district nurses and create 10,000 more nursing and midwife places every year.

‘Those at the top will pay their fair share’

The shadow chancellor said the new vacancies – which include 5,000 new health visitors – will be funded by bringing back the 45p income tax rate cut introduced by the government last week.

She said: “I can tell you, those at the top will pay their fair share.”

Labour said the tax cut will cost £6bn between now and 2026/2027 and benefit just 600,000 of the highest earners – each of whom will receive £10,000.

The party said that by reversing the cut, they can fund “one of the biggest expansions of the NHS workforce in history”.

The shadow chancellor described the Conservative Party’s record as “12 years of failure”, adding: “It’s time for a government that is on your side, and that government is a Labour government.”

She said: “The prime minister is content to let energy giants pocket the cash and leave your children and your grandchildren to pick up the tab.

“Under these Tories, those with the broadest shoulders carry the lightest load. And not by accident, but by choice.

“It is time for a government that is on your side.”

Labour leader Sir Keir Starmer says he sacked shadow minister for making up policy ‘on the hoof’ at picket line | Politics News

Labour leader Sir Keir Starmer has said one of his shadow ministers was sacked yesterday for making up policy “on the hoof” as he stood on a picket line during rail strikes.

Sam Tarry was dismissed from his role as a junior shadow transport minister after he disobeyed orders for frontbench Labour MPs to not appear on picket lines during Wednesday’s rail strike.

He told Sky News workers should be offered pay rises in line with inflation – however Labour’s position is that pay negotiations are for unions and ministers.

Speaking for the first time since he was sacked, Sir Keir explained: “Sam Tarry was sacked because he booked himself onto media programmes without permission and then made up policy on the hoof.

“That can’t be tolerated in any organisation because we have got collective responsibility, so that was relatively straightforward.”

“Of course, as far as the industrial action is concerned, I completely understand the frustration of so many working people who have seen the prices go up, have seen inflation through the roof and their wages haven’t gone up.

“So the Labour Party will always be on the side of working people but we need collective responsibility as any organisation does.”

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Labour minister defies Starmer

Earlier, former shadow chancellor John McDonnell, who is still an MP, told Sky News he was backing Mr Tarry’s position and criticised Sir Keir for sacking him.

He said it was a “severe mistake” as the Labour Party was formed by the trade unions “so when the trade unions have a just cause, we support them – and this is a just cause”.