Speaking ahead of the Chancellor’s statement the DUP MP said,
“It hasn’t taken very long for the economic promises made by the Labour Party to fall apart. Last week their promise of £300 reduction in electricity bills as a result of their net zero policies had to be abandoned and it is now clear that energy bills will actually increase rapidly as the infrastructure costs for wind and solar energy are included in electricity bills. The enormous capital costs will be borne by consumers and will plunge more into energy poverty.
Today, the Chancellor is setting out a path out towards higher tax bills which will probably be announced in the autumn. Despite promising that all Labour Party expenditure commitments had been fully costed and would be fully funded without tax increases, we are now being told there is a black hole in the country’s finances.
There is no doubt the Conservative Party were economically incompetent but that had already been exposed by the Office for Budget Responsibility and the IFS. The Labour Party admitted during the election they were aware of the financial profligacy introduced during the dying days of the Conservative Government and promised no extra taxes. Now it seems that businesses, pensioners and the wider public will be hit with tax increases. While cutting the building of hospitals, this ideologically driven government is going to spend billions on fighting climate change overseas whilst giving up revenues from North Sea oil which it will now prevent firms from extracting. They have also indicated a willingness to spend hundreds of millions of pounds on a sports stadium when our vital public services are under enormous pressure.
We are witnessing the economics of the madhouse and unfortunately if this is how this government is starting, we shudder to think how it is going to finish."