Chancellor of the Exchequer, Kwasi Kwarteng
Criticism has been leveled at the UK government, with the Conservative “mini-budget” being labeled “reckless”.
It comes after Chancellor Kwasi Kwarteng announced a new growth plan for the country, including a range of tax cuts.
But Isles MP Alistair Carmichael said the moves by the Conservatives would see the national debt grow significantly.
The value of the pound dropped significantly after the measures were announced, and the cost of UK government borrowing rose sharply, suggesting market unrest over the plans.
“The Conservatives have shown just how out of touch they are, putting handouts for bankers first and support for working people last,” said Mr Carmichael.
“With the worst inflation in decades, rising interest rates, and an economy heading into a recession, the last shred of Conservative credibility on the economy has been torn away.”
Mr Kwarteng said: “The fiscal strength of the UK government has allowed thousands of businesses in Scotland to keep more of their own money to invest, innovate, and grow. We are cutting National Insurance for 2.3 million Scottish workers, saving them an average of £285.
“And our Energy Bill Relief Scheme is protecting thousands of businesses across Scotland from rising energy costs with discounts of wholesale gas and electricity prices.”