Ulster Unionist Finance Spokesperson Steve Aiken OBE MLA said the Chancellor’s statement from Whitehall signals major tax increases and a firm commitment to reducing national debt. He warned that if the fiscal signalling is not followed by action, markets will respond negatively. Aiken also called for any additional Barnett consequentials to be ringfenced for health workers’ pay and for further funding to be directed to the PSNI

Steve Aiken OBE MLA said,

“The Chancellor of the Exchequer made an unprecedented statement from Whitehall this morning. In it, she prepared both the markets and the nation for two things: first, she is maintaining her fiscal rules, which means she must reduce the national debt; second, she is going to raise taxes significantly. The fiscal gap is around £25 billion. Having ‘prepped’ the ground, we can now expect substantial increases in direct taxation across the board. If she doesn’t follow through, the signalling will have been pointless, and the markets will react badly.

“However, any additional Barnett consequentials, particularly in health, must be ringfenced for health workers’ pay. Furthermore, any additional consequential funding should be allocated to the PSNI. The Justice Minister won’t ask but we will.”