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Thursday, July 31, 2025
WorldPat McFadden: The Conservatives have "lost all economic credibility"

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Pat McFadden: The Conservatives have “lost all economic credibility”

Earlier today, Armed Forces Minister James Heappey stated that the mini-budget was approved by the entire cabinet.

He stated that the full cabinet had agreed to it before it was submitted to the Commons, and he also continued to make the case for the Ministry of Defence to preserve its promised money, despite the fact that Chancellor Jeremy Hunt was expected to tell all government departments to find savings.

Now, Pat McFadden, Labour’s shadow chief secretary to the Treasury, has said the “frank admission” that ministers approved the disastrous mini-budget showed the Conservatives had “lost all economic credibility”.

“They couldn’t run a bath let alone a major G7 economy,” he said.

“They have put a Tory premium on people’s mortgages and reduced the UK to nervously watching its gilt yields day by day.

“Labour will match the financial stability the country needs with a proper plan for growth based on the efforts of the whole country, not tired and failed trickle-down economics.”

 

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