Financial Market

Financial markets crisis: Scottish Government requests ‘urgent’ meeting with Chancellor Kwasi Kwarteng over ‘huge gamble’ with economy

In a letter written in conjunction with the finance ministers from Wales and Northern Ireland, Deputy First Minister John Swinney have called for the meeting with Mr Kwarteng to discuss immediate actions needed to reverse the “damaging” effects of the UK Government’s tax proposals.

All three ministers have renewed calls for the UK Government to provide targeted support for households and businesses, funded through a windfall tax on the energy sector.

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Chancellor of the Exchequer Kwasi Kwarteng. Picture: Aaron Chown/PA Wire

The letter describes the mini-budget unveiled by the Chancellor last week, which sparked the fall of the pound to a record low against the US dollar on Monday, as a “huge gamble on the public finances and the health of our economy”.

“The UK Government has chosen to make things significantly worse by announcing a huge package of tax cuts for the most wealthy without any credible explanation of how these will be paid for,” the letter states.

“Urgent action is required now to address the issues facing our economy, public services and households across the country. Such action cannot wait until the update you have announced will take place in November.”

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