Andy Burnham risks repeating Liz Truss mini budget chaos, Shadow Chancellor warns

Andy Burnham risks repeating Liz Truss mini budget chaos, Shadow Chancellor warns Andrew Griffith has maintained that the Tories would not make same mistakes again - Bookmark - CommentsGo to comments Become an Independent member to bookmark this article Already a member? Log in Andy Burnham is in danger of making the same mistakes as Liz Truss’ "mini budget" by failing to explain how his policy commitments will be funded, a prominent Tory and former supporter of Ms Truss has alleged. Shadow chancellor Andrew Griffith, who served as a Treasury minister in ex-prime minister Ms Truss’ brief administration, has stood by the tax-cutting aim of the 2022 fiscal plan since his promotion. However, he maintained that the Conservatives would not duplicate the mistake of failing to detail how future tax reductions are funded. Questioned by the Press Association regarding his recent comments that Ms Truss’ mini-budget was not "all bad", he said: "I said in that interview that there was a fatal mistake that we will not make again, and that was not setting out clearly the choices to actually balance the books and show how if there are tax cuts being made, how they’re going to be paid for. "That is my pledge, as a former finance director for over a decade. It is second nature to always show where the money is coming from to show our workings. "That was the mistake of Liz Truss’ mini budget. It’s a mistake the Government is making again today." He added: "Borrowing rates are higher than they’ve been for 28 years, people’s mortgage rates are rising, there’s a cost-of-living crisis. "What we need is that same approach from the Government that I’m outlining as shadow chancellor, always showing where the money is coming from." Following his election, Mr Burnham has unveiled several measures designed to relieve financial pressures on households and businesses, including lowering VAT on energy bills and cutting business rates for local venues. How ministers intend to fund these initiatives is expected to be detailed by Chancellor John Healey in his Budget on October 28. The 2022 mini budget under Ms Truss attempted to lower primary income tax rates in an effort to drive national economic growth. However, market fears concerning the affordability of the proposals caused government borrowing costs to surge and led to broad fiscal turmoil. Labour has criticised Mr Griffith over his junior ministerial role during the Truss leadership since he took up his shadow chancellor position in early September. Join our commenting forum Join thought-provoking conversations, follow other Independent readers and see their replies Comments