Portsmouth Labour MP Stephen Morgan says government has lost 'all credibility'

Following new chancellor Jeremy Hunt’s announcement – which has seen almost all of the prime minister's tax cuts reversed – Portsmouth South MP Stephen Morgan has launched an attack on the party, saying the Tories have lost ‘all credibility’.

The Labour MP had previously called for Kwasi Kwarteng’s mini-budget to be scrapped.

It comes amid murmurings in Westminster about a general election potentially being on the horizon.

Mr Morgan said: ‘The damage has been done to Portsmouth and the country – this is a Tory crisis made in Downing Street, paid for by working people, paying higher mortgage and borrowing costs.

‘The chancellor said that growth requires ‘confidence and stability’ yet it’s clear that the Tories can’t provide this.

‘They’ve lost all credibility. We are still flying blind with no OBR forecasts and no clarity of the impact of their mistakes.’