'Fantasy economics to please the super-rich' - Plaid Cymru response to Chancellor's mini-budget

Plaid Cymru's response to the mini budget.

Plaid Cymru’s Treasury spokesperson, Ben Lake MP said:

“The Chancellor’s statement today was about supporting those on the highest incomes. Households and businesses across Wales are facing a grim winter of unaffordable bills and soaring inflation, and the Government’s response is to engage in fantasy, trickle-down economics to please the super-rich.

“As rural households are offered the paltry sum of £100 to cover their energy bills, the top rate of income tax is being abolished and the limit on bankers’ bonuses is being scrapped. That is not just morally questionable, it is economically irresponsible.

“The cap on bankers’ bonuses was introduced across the EU in the aftermath of the global financial crisis. Scrapping the cap on bonuses risks a return to the excessive risk taking that led to the 2008 financial crisis in first place, and a repeat of policies that led to misery for millions of people.

“Tax cuts for the super-rich will do absolutely nothing to drive growth in the Welsh economy. Given their refusal to invest in our infrastructure – I urge the UK Government to recognise that our government in Wales must be given the fiscal tools to unlock our economic potential ourselves. That is the only way to improve the lives of people across Wales.”