Labour now the party of sound money after Tory Mini-Budget disaster: Rachel Reeves

And what’s worse, households in London and the South East would gain almost three times more from the government’s policies compared to households in Yorkshire – so much for the government’s agenda on levelling up.

Instead, this is certainly a return to the failed trickle-down economics that every credible economist knows will not work.

Our economy has fallen into chaos and people’s mortgages will be higher, prices will rise and pensions have come under threat.

Many of us listened with horror to the doubling down by the Prime Minister when she was interviewed by BBC Leeds’ brilliant Rima Ahmed on Thursday morning.

Liz Truss’ blind determination to stick to a plan that sent the pound into free fall has made this disastrous situation even worse.

And her failure to answer questions about what will happen with people’s pensions and mortgages will leave families across Yorkshire facing huge worry.

It is disgraceful that the family finances of people across the country are being put on the line simply so the Government can give huge tax cuts to the richest one per cent.

In fact, in Yorkshire alone 713,000 people with mortgages will be impacted by the soaring interest rates and economic mismanagement of the government – while there are 23,000 people in our county who will get a whopping tax cut with the government scrapping the 45p rate of tax.

Right now, the Prime Minister must ask herself what is more important: saving face by not backing down on this disastrous plan – or reversing the mini-Budget and saving millions of people’s mortgages.

She cannot continue to prioritise her career over people’s homes. Parliament must be recalled now so we can stop this budget in its tracks.

Failure to do so will this reckless bout of economic self-harm worse.

That the Bank of England has had to step in to protect the financial sector and pensions from this government is extremely serious.

This Tory government should be acting now to reverse the course of their disastrous decision making, and doing that as quickly as possible.

That means demonstrating they back the UK’s tried and tested economic institutions like Bank of England, the Office for Budget Responsibility and the civil service.

Instead they’re plugging their fingers in their ears.

We need the party of government to be the party of sound money, and that is what a Labour government will bring.

Labour will not waver in our commitment to fiscal responsibility.

That is why as Labour’s Shadow Chancellor I set out the fiscal rules for the next Labour government a year ago.

As part of these rules, every policy that Labour announces – and every line in our manifesto – will be carefully costed and fully funded.

We’d treat every pound of taxpayer money with the respect it deserves, stopping the endemic waste and fraud under the Conservatives, and using our Office for Value for Money to make sure we get the most for our money.

We’ll make the right choices.

Hand in hand with business, we’ll stabilise and secure our economy, and then get it growing again.

Our plan to scrap business rates and replace them with a fairer, more modern system will breathe life into our high streets again.

Our mission to buy, make and sell more in Britain, and our National Wealth Fund will mean cranes in the sky and shovels in the ground as we tackle the big infrastructure challenges we face on energy security and climate change.

Because Labour is a pro-business, pro-worker party, we’ll work alongside firms to drive growth and improve standards for workers so that a hard day’s work, once more, gives you a decent wage you can live on.

I’ve said in the past that I am more than happy to take on the Tories on economic competence, because I know we can win.

I’m now wondering if they even plan to turn up for the fight.

It is becoming clearer by the day that Labour is the party of economic responsibility and the party of social justice.

These are our priorities.

Strong public services, to support people, and grow our economy.

A greener, fairer Britain, with jobs for people in Britain, industries owned by the people of Britain, profits shared by the people of Britain.

Pro-business and pro-worker for a stronger economy, where you do well.

Because when you do well, Yorkshire and Britain do well.

We know now that we are at a real crisis point.

The chief executive of the Resolution Foundation has said that this is by far the worst unforced economic policy error of a lifetime.

A former chief advisor to the Bank of England says that because of the budget, “we can say goodbye to growth.”

We cannot continue on this path.

Our economy needs stability and a government that can be trusted.

We need a fresh start now. We need a Labour government.

Rachel Reeves is Shadow Chancellor and MP for Leeds West