UUP Finance spokesperson, Steve Aiken OBE MLA said:

“Last week I pointed out that the Chancellor Kwasi Kwarteng’s mini-budget was a huge gamble.  That his tax cutting and national debt adding proposals didn’t have the support of the Bank of England is both astonishing and reckless.  Buying Government bonds is an act of desperation.

“In a few short days the very underpinnings of our economy have been threatened.  More worryingly, thousands of homeowners are now facing huge hikes in their mortgages, coupled with those who will now be excluded from home ownership.  They are now facing a personal financial crisis.  A crisis that will only be compounded by spiralling energy costs and food inflation.

“The problems with interest rate rises and mortgage shortages cannot be blamed on Putin, or any other factor. This potential disaster sits fully in the lap of the Prime Minister and Chancellor.  They have very little time to fix the problem and must act now.  Doubling down on a gamble is madness.  The Conservative Party needs to act now for the sake of everyone.”