Ferrari interrupts interview with ex Treasury chief over mini-budget

Nick Ferrari cuts off interview with Chris Philp

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Nick Ferrari end the on-air interview with Conservative MP Chris Philp after he declined the opportunity to apologise to Britons for the financial chaos caused by former Prime Minister Liz Truss’ mini-budget. Mr Philip opted to duck responsibly for the decision around the disastrous mini-budget, telling the LBC radio host that the economic decisions had been made by higher-ups in Government. 

Ferrari told the Conservative MP: “I appreciate you were Chief Secretary to the Treasury you were to 2IC, second in command.”

He asked: “But do you not think you owe an apology to the British public?

“Well, as I say, I wasn’t the decision maker. I didn’t take the decisions,” replied Mr Philp.

Mr Ferrari pressed: “Were you against the decision then? Can I ask that?

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The MP answered: “So I think the strategy they had to try and drive growth was a sort of well-founded strategy.

“I had a view myself that it should have been a balanced package with looking at the spending side of the ledger, as well as the tax side and there should have been a sort of fiscal framework sitting around, neither of…”

The host questioned: “So you were overruled?”

“What the new Chancellor and new Prime Minister are doing is exactly that in their 17th of November, and that’s why ultimately I wasn’t the decision maker, as you’d expect those kinds of decisions about the economy get left to those at the very top.”


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Mr Ferrari replied: “Let’s leave it, Let’s leave it with thank you unless you were not overruled. We’ll leave the interview there.”

Chancellor Jeremy Hunt is due to reveal the Government’s latest fiscal plans on November 17, with up to £50 billion of spending cuts and tax rises under consideration as he confronts a gaping financial black hole.

He previously ditched major debt-funded tax cuts announced in September’s ill-fated mini-budget, which triggered market chaos and led to the end of Liz Truss’s short-lived term as prime minister.

The Chancellor will set out a “concrete plan” a Treasury minister has said during a debate on financial stability in the House of Lords this week. 

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Lady Penn told peers: “It is important to acknowledge that while well intended the recent growth plan did have unintended consequences for economic volatility.

“Mistakes were made and we have taken steps to fix them. Most of the tax measures in the growth plan have been reversed and the associated volatility dissipated.”

She said: “But the fact remains that we are still faced with a profound economic crisis, with global inflationary pressures driven by increased demand post-Covid, elevated energy prices after Putin’s invasion (of Ukraine), widespread labour shortages and in response central banks across many major economies raising interest rates.”

Lady Penn added: “The Chancellor has been clear that we will take the measures needed both to restore confidence and trust in the UK’s public finances and to deal effectively with the economic shocks that are being felt across the globe.

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