Tory leadership contest a 'festival of irresponsibility' on economy, says Pat McFadden
Pat McFadden has branded the Tory leadership contest a "festival of irresponsibility" with "nothing to say" about the challenges facing the country's economy.
The Shadow Treasury Secretary attacked the fiscal credentials of the remaining candidates to succeed Boris Johnson, accusing them of engaging in a "Dutch auction of unfunded tax cut pledges".
It came as Labour unveiled plans to protect public finances and grow the economy.
Wolverhampton South East MP Mr McFadden, said: "The Tory leadership contest is a festival of irresponsibility. It has nothing to say about the big long-term economic growth challenge facing the country."
He cited a report from the Resolution Foundation, which claims 'Middle England' families are more than £8,000-a-year less well off than comparable families in countries such as France and Germany.
Mr McFadden added: "This is a product of 12 long years of anaemic economic growth under the Tories.
"That's the big challenge facing the country, and it's the thing that is completely missing from this Dutch auction of unfunded tax cut pledges."
In a speech at the Resolution Foundation’s economy 2030 inquiry conference, Shadow Chancellor Rachel Reeves said her party's "iron clad" fiscal rules would help the economy grow.
She said: "The level of unfunded tax cuts being bandied about this week would blow a massive hole in the public finances.
"Every single Conservative leadership candidate supported the Government’s fiscal rules when they were passed into law in January, but now they are prepared to take a flamethrower to them."
Labour is planning to create a new Office of Value for Money, which will be tasked with overseeing how public money is spent.
