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Former Tory leader slams Rishi Sunak’s economic policies as former chancellor vows to scrap EU laws and regulations in response to Brexiteers | Political news

The former leader of the Conservative Party criticized Rishi Sunak’s approach to the economy, accusing the former chancellor of fueling inflation.

Speaking to Sky News’ Sophie Ridge on Sunday programme, Liz Truss supporter Sir Iain Duncan Smith said the Treasury, which oversees: Mr. Sunakdemonstrated a “failure” of monetary policy.

Sir Iain continued. “There needs to be a real debate here in the party about this because I think the Government and the Treasury, through a peculiar orthodoxy, are bound on the wrong course which could seriously damage us over the next two years. “

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He added: “We have an inflationary spiral, now we have it the war in Ukraineit made the energy situation even worse, but here in the UK we have to take some of the blame for the fact that we have inflation on top of all that.

“And that has to do with the failure of the Bank of England and the Treasury, I think, on monetary policy.

“First, over a year ago, the Bank actually continued to print huge amounts of money, which inflated the economy and kept interest rates low.

“It was the Treasury that signed off on that money printing, the chancellor no less, so before they say ‘oh, that’s independent’, the Treasury has the right to say no to money printing, and they didn’t, it spurred it on. inflation.”

Sir Iain said Foreign Secretary Ms Truss’ record in government was “strong” when asked about the tax proposals.

Ms Truss pledged to scrap the corporation tax hike and suspend the green levy on the first Friday of the campaign.

But in what appeared to be a dig at the Foreign Secretary, Deputy Prime Minister Dominic Raab said Tory leadership candidates calling for tax cuts must explain how they will be paid for.

Mr Raab, who supports Mr Sunak, told Sky News’ Sophy Ridge On Sunday programme: “You can’t borrow to get out of an inflationary crisis.

“If people are suggesting that we should make cuts to the NHS not just during COVID but all the other non-COVID challenges, they need to clarify where they are coming from.

“We all want to put more money in people’s pockets. But if you cut taxes and inflation takes that money away from people because it’s worthless or sees interest rates go up to make their mortgage more expensive, then frankly, it’s a false economy. “.

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Rishi Sunak’s conduct as chancellor has come under scrutiny

The comments came hours after the former chancellor and now Conservative leadership candidate vowed to scrap hundreds of other EU laws and regulations if he wins the contest.

In a fresh bid to defeat the Brexiteers, the former chancellor has promised to appoint A Brexit: the minister must examine the remaining 2,400 EU laws still on the UK statute book.

He even promised a “Big Bang 2.0” for the City, thanks to a review of the rest of the EU’s financial services regulations.

It comes as the latest leadership contenders prepare to face off again in ITV’s second televised debate on Sunday night.

In a statement outlining his proposals, Mr Sunak stressed he had always supported Brexit, despite being warned it could damage his political career because it was the “right” thing for the country.

Mr Sunak led the first two rounds of parliamentary voting but is still short of the 120 votes he needs to guarantee a place in the final two.

A new survey of Tory members has been carried out by ConservativeHome Kemi Badenoch was ahead by 31% of respondents, and the leader is in second place Liz Truss by 20%.

Then comes Penny Mordon, with 18%, who has slipped from the top spot, followed by Mr Sunak and Tom Tugendhat.

Debate graphics

Away from the leadership contest, Cabinet minister Alok Sharma has threatened to resign unless the next prime minister commits to a strong net zero agenda.

Mr Sharma, who chaired last year’s Cop26 UN climate summit, told The Observer that while it was “absolutely a leadership issue”, some of the remaining candidates in the Tory leadership race were only “lukewarm”.

Former Tory leader slams Rishi Sunak’s economic policies as former chancellor vows to scrap EU laws and regulations in response to Brexiteers | Political news

Source Former Tory leader slams Rishi Sunak’s economic policies as former chancellor vows to scrap EU laws and regulations in response to Brexiteers | Political news

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