With hard winter ahead there is no end to Tory cost crisis
The Bank of England’s decision to hold interest rates at the highest level for 15 years will extend the financial pain for households and families across Scotland, says the Scottish Greens economic spokesperson Maggie Chapman MSP.
Ms Chapman’s comments come as the Bank of England has confirmed that rates will hold at 5.25%.
Ms Chapman said:
“With a hard winter ahead, today’s announcement will prolong the financial pain for households and families across Scotland. It is already a difficult time of year for millions of people, with extra pressures and expenses and greater energy use driving up the cost of bills. Interest rates at this level will only make things worse.
“There are already far too many people being forced to miss meals and choose between heating their home and feeding their family. That is the legacy of an economic vision that entrenches austerity, low pay and inequality.
“The Tories have utterly failed to support people through the cost of living crisis that they are responsible for.
“We badly need an economy that works for people and planet. But, instead, Scotland has been forced to suffer 13 years of painful and unnecessary cuts imposed by a Tory government that we did not vote for but can’t remove.
“Scottish Greens are doing what we can to make progress in tackling child poverty by increasing and expanding the vital Scottish Child Payment and by raising the benefits the Scottish Parliament controls in line with inflation.
“These are the kind of steps we urgently need to see from Downing Street if we are to mitigate the devastating impact of the economic chaos that the Tories have inflicted.”