Northern Ireland MPs join in calls for government response and recall of Parliament amid financial chaos

On Wednesday, the Bank of England made a surprise announcement that it has launched an emergency UK government bond-buying programme to prevent borrowing costs from spiralling out of control and stave off a “material risk to UK financial stability”.

The bank announced it was stepping in to buy up to £65 billion worth of government bonds – known as gilts – at an “urgent pace” after fears over the government’s economic policies sent the pound tumbling and sparked a sell-off in the gilts market.

This comes after the pound crashed to an all-time low against the dollar in the days following Chancellor Kwasi Kwarteng’s ‘mini budget’ last week.

Labour leader Sir Keir Starmer has now called for Parliament to be recalled – a demand backed by the Liberal Democrats, the SNP and others.

Parties here have also sought to add to the pressure on the government to respond.

DUP MP Sammy Wilson said: “The chancellor needs to make a statement where he explains his long-term economic plan and how the deficit will be tackled. He needs to address the vacuum. Decisions of this magnitude cannot be made in isolation without knock-on impacts.

“We don’t, however, need a political Punch and Judy show. We need the rhetoric dialled down with calm and detailed plans laid out. This is not a game. There are livelihoods at stake.

“Whether the Chancellor’s statement is in Parliament or in some other forum, is a matter for the government but there should be a detailed statement made.”

Alliance MP Stephen Farry, meanwhile, said: “This is already a major financial crisis. The prime minister and chancellor can’t keep hiding forever. Parliament must be recalled, and the Conservatives should abandon their party conference.”

He added: “Urgent government action is required to restore financial sanity, and stabilise the financial system. This financial statement needs to be ripped up and a fresh fiscally credible and fair alternative must be put in place.”

SDLP MP Colum Eastwood said: “There is no justification for the House of Commons to remain in recess when people across our communities are facing financial ruin. I am supporting calls from the Labour Party and the SNP to recall Parliament urgently to address the situation and to reverse the fiscal wrecking that the Tory party has been engaged in.”

Sinn Fein also called for the government to “abandon” the economic policies set out by Mr Kwarteng last week, while the UUP’s Steve Aiken said: “The Conservative Party needs to act now for the sake of everyone.”