Demands grow for recall of parliament as pound plunges to all-time low

There are growing demands for the UK parliament to be recalled after the pound slid to an all-time low against the dollar. 

In early trading, the pound fell to $1.03 before recovering slightly to $1.07. It follows Chancellor Kwasi Kwarteng's mini-Budget on Friday, which outlined the UK's biggest tax cuts in 50 years.

It is understood the Bank of England will make a statement later today in an attempt to allay concerns over inflation.

The SNP's Alison Thewliss called for the recall of parliament, which is recess until 11 October for party conference season.

“The Tory-made cost-of-living crisis is rapidly getting worse for struggling households and businesses as the pound plunges to a new record low against the dollar following the Tory government's 'mini-budget' for the super rich.

“What we needed to see was real and targeted support for ordinary people and businesses, instead we witnessed Liz Truss and her chancellor pouring fuel on to the fire of the cost of living crisis and then running from accountability and scrutiny.

“In their race to the bottom, the Tories are intent on consigning millions of ordinary people to poverty and unmanageable levels of debt. There must be an urgent recall of parliament so that the prime minister can be held to account for her government's reckless actions.

"People across Scotland are being forced to pay a heavy price for damaging Westminster control. Only with the full powers of independence will we be able to deliver the support needed and secure a fair and equal economic recovery.”

Liberal Democrat Chief Whip Wendy Chamberlain MP said: “Last week the chancellor announced a shambolic budget that gave huge unfunded tax cuts to big banks and the wealthiest while leaving struggling families and pensioners in the cold. As a result we are seeing the pound plummet into free fall as the markets give the Conservatives a damning vote of no confidence. 

“The government must urgently recall parliament so Kwasi Kwarteng can fix this failed budget, before it does any more damage to our economy and people’s livelihoods.

“It’s clear the Conservatives are totally out of touch and don’t have a proper plan to steer the economy through the difficult months ahead. MPs must be given a chance to scrutinise these disastrous proposals now before it’s too late.”