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The Treasury minister defended Liz Truss and Chancellor Kwasi Kwarteng after a bruising week for the new Government. Speaking to Sky News, Andrew Griffith insisted it is a “difficult time for all developed economies” and that the UK was not alone in dealing with a financial crisis. He pointed to inflation figures released yesterday in Germany that showed unprecedented levels in the country.
Sky News anchor Anna Jones said: “We have had chaos on the markets, we have seen the pound slump.
“Chaos in the bond market as well, which has seen an unprecedented move by the Bank of England to intervene
“What did spook the markets, what’s the reason?”
Mr Griffith responded: “We have seen difficulties in lots of international markets.
“This week the UK has been quite challenging but the German inflation figures that came out yesterday were an unprecedented level of inflation at 11 percent.”
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He continued: “That s the highest since the single currency came into being and I suspect one of the highest in German history.”
Ms Jones questioned whether the City minister “accepted that last week’s statement caused the crash”.
Former chief whip Julian Smith argued that “the Government must scrap the 45p, and take responsibility for the link between last Friday and the impact on people’s mortgages”.
Mr Griffith hit back, adding that the government has taken “decisive steps” to deal with the energy crisis.
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