Interest rate hike is cost of Tory misrule

The Bank of England’s decision to hike interest rates is the cost of Tory misrule and will come as a hammer blow to households and families all across Scotland, according to the Scottish Greens. It was the largest increase in rates since 1989 apart from the rise on Black Wednesday in 1992.

Scottish Greens economy spokesperson, Maggie Chapman MSP said:

"This will come as a hammer blow to households, families and businesses all across Scotland and beyond. It is symptomatic of the financial chaos of a Tory government that cannot be trusted with our economy.

"This hike isn't happening in isolation. With soaring prices and skyrocketing energy bills, the Tories are taking a wrecking ball to living standards. They have crashed the economy for everyone but their wealthy friends, and are making ordinary people pay the price.

"Millions will be facing a cold and painful winter. It is being made even worse by a multi-millionaire Chancellor who has made clear that nothing will be off the table when it comes to cuts.

"This is the cost of Tory misrule. This is the cost of being ruled by a cruel and incompetent Tory government that we did not vote for.

"In 2014 we were promised economic stability as part of the UK. Since then Scotland has endured eight more years of painful Tory rule and five Tory Prime Ministers. Scotland voted for none of them. We cannot afford any more.

“With the powers of an independent country we can take a different and better path. We can build a recovery that works for people and the planet, rather than more years of terrible Tory governments that we cannot remove.”