Labour will fight against Tory tax cut plan, says shadow chancellor

The transcript critiques the government's response to the cost of living crisis, highlighting tax cuts for the wealthy and increased national debt. It discusses the breach of fiscal rules and significant borrowing, leading to market instability and rising import costs. The speaker opposes trickle-down economics and calls for action against these policies, emphasizing the negative impact on ordinary citizens.

What was one of the government's actions in response to the cost of living crisis?

• Investment in renewable energy

• Reduction in bankers' bonuses

• Tax cuts for the wealthiest 1%

• Increased funding for public services

What was the financial market's response to the government's fiscal policies?

• Stability in currency value

• Decline in sterling

• Increase in stock prices

• Decrease in import costs

What is a consequence of the decline in sterling?

• Higher import costs

• Increased foreign investment

• Decreased inflation

• Lower export prices

What economic theory is being criticized in the final section?

• Monetarism

• Keynesian economics

• Trickle-down economics

• Supply-side economics

Why is the return to trickle-down economics seen as problematic?

• It reduces the national debt

• It increases public sector jobs

• It benefits the wealthiest at the expense of others

• It leads to lower interest rates