Furious Nick Ferrari blasts treasury minister's 'pitiful' explanation of self-inflicted UK financial turmoil

29 September 2022, 08:13 | Updated: 29 September 2022, 08:26

Furious Nick rebukes senior Tory Minister over mini-budget

By Asher McShane

Treasury Minister Chris Philp's defence of the government's mini-budget was blasted as 'pitiful' by Nick Ferrari this morning on LBC.

After the Chancellor's radical shake-up of the UK's finances was announced, the pound crashed, mortgage products were pulled and the Bank of England had to step in with a £65bn bailout to avert a pension fund crisis.

Chief Secretary to the Treasury Chris Philp was sent out by the government to defend the turmoil in a round of interviews this morning. Speaking to Nick Ferrari on LBC, he was accused of providing a "pitiful" defence when he tried to pin it on Putin's invasion of Ukraine.

Furious Nick Ferrari said Mr Philp's explanation of the last few days was 'pitiful'
Furious Nick Ferrari said Mr Philp's explanation of the last few days was 'pitiful'. Picture: LBC

Mr Philp said: "We’ve seen for the last few months moves in global financial markets largely caused by Putin’s illegal invasion of Ukraine.

"Just a few days ago we saw the Bank of Japan exceptionally intervening in the Yen, we’ve seen all kinds of things happen around the world, we’ve seen interest rates rising around the world…"

"Is that the best you’ve got?" Nick asked. "That’s the best you and your team have got is it? "

"I don’t accept your characterisation," said Mr Philp.

Read more: PM to finally face questions after days of economic turmoil as Bank spends £65bn to avert pensions collapse

"Stop treating my listeners as fools": Nick Ferrari blasts Minister

"Pitiful," came the response.

Mr Philp continued, “The Bank of England intervened in a targeted way yesterday… that intervention appears to have been successful.”

"You took the pound to an all time low - what’s failure in your book?" asked Nick.

“It has gone up since then. What is ultimately important is that we get this economy growing, we get people’s wages going up, that is what the growth plan will do.”

Nick’s rage at the treasury response came as the PM defended the mini-budget.

Prime Minister Liz Truss said the mini-budget was the "right plan". saying "urgent action" was needed to protect the country from rising energy bills and to get the economy growing.

In her first public comments since Mr Kwarteng's statement plunged the financial markets into turmoil, the Prime Minister said today: "We had to take urgent action to get our economy growing, get Britain moving and also deal with inflation.

"Of course that means taking controversial decision but I am prepared to do that as Prime Minister because what is important to me is that we get our economy moving, we make sure that people are able to get through this winter and we are prepared to do what it takes to make that happen."

More Nick Ferrari

See more More Nick Ferrari

Exclusive
British military in 'sorry state' and needs 'well north of 3% of GDP for a decade', ex-Army chief warns

British military in 'sorry state' and needs 'well north of 3% of GDP for a decade', ex-Army chief warns

Exclusive
Speaking to LBC’s Nick Ferrari, Katharine Birbalsingh branded the Government’s plans for school uniforms “marxist” and warned they could seriously impact students’ ability to learn.

‘Britain’s strictest head’ lashes out at government plans to limit branded school uniform items

Fury as London Underground book exchange scrapped over 'fire risk' after two decades

'Why can’t we have nice things?': Fury as London Underground scraps book exchange over 'fire risk' after 20 years

Exclusive
Jordan North and Chris Stark's hilarious remix of Sian Welby reading kids' book on LBC.

'Who's digging up my nuts?': Jordan North and Chris Stark's hilarious remix of Sian Welby reading kids' book on LBC

Politicians 'must be able to question judicial decisions' amid row over 'activist judges,' Priti Patel tells LBC

Politicians 'must be able to question judicial decisions,' Priti Patel tells LBC amid row over 'activist judges'

Exclusive
Israel must 'square the circle to get hostages out' as Israeli President labels 500 day wait 'tormenting, aching and painful’.

Israel must 'square the circle to get hostages out' says President, labelling 500 day wait 'tormenting, aching and painful’

Nigel Farage 'reduced to tears' over ECHR rule which saw Albanian criminal's deportation 'halted over chicken nuggets'

Nigel Farage 'reduced to tears' over ECHR rule which saw Albanian criminal's deportation 'halted over chicken nuggets'

Reform UK leader Nigel Farage joins farmers and their tractors at Belmont Farm in north London

Farage urges farmers to 'keep the pressure up' as tractor protest hits Westminster over Labour’s ‘family farm tax’

Exclusive
Calls for police to reinvestigate parish councillor who 'blew up' neighbour's cat

Parish councillor resigns after being accused of trying to ‘blow up’ beloved pet cat

Exclusive
Calls for police to reinvestigate parish councillor who 'blew up' neighbour's cat

‘It made me feel physically sick’: Cat owner’s fury at parish councillor accused of trying to ‘blow up’ beloved pet

Nick Ferrari Reflects on an Unforgettable Journey to Auschwitz-Birkenau with Holocaust Survivor Arek Hersh

Nick Ferrari reflects on an unforgettable journey to Auschwitz-Birkenau with Holocaust survivor Arek Hersh

Actress and Writer Dame Maureen Lipman reads The Tale of Squirrel Nutkin

Actress and Writer Dame Maureen Lipman reads The Tale of Squirrel Nutkin

Exclusive
Online extremism under scrutiny: The Prime Minister calls for tougher regulations to curb access to violent content following the Southport murders.

Terrorism ‘kill guides’ shared in social media groups targeting 'loners' and people 'obsessed with violence'

Southport attack was ‘not an act of terrorism,’ Met chief Sir Mark Rowley tells LBC

Southport attack was ‘not an act of terrorism,’ Met chief Sir Mark Rowley tells LBC

Exclusive
The Chagos Islands deal is set to be a 'disaster' for US-UK relations, a former Home Secretary has said

'Surrender' of Chagos Islands to Mauritius would be 'disaster' for Labour's relationship with Trump, Braverman says

Exclusive
Britain's deal to cede the Chagos Islands has been cast into doubt

Labour deal to hand over Chagos Islands thrown into doubt as Starmer gives Trump time to 'consider' agreement