SHADOW chancellor John McDonnell said yesterday that there was “no justification” for an emergency austerity Budget despite financial flight following Thursday’s Brexit vote.
Chancellor George Osborne threatened before the referendum to make savage public spending in the event of a vote to leave.
The economy was rocked yesterday as the pound crashed to its lowest level in 30 years and the share prices of Britain’s biggest firms fell by a total of £45 billion.
Mr McDonnell called on the Chancellor to “take steps to stabilise the economy, and to protect jobs, pensions, and wages.
“Labour will not allow any instability to be paid for by the working people of this country. There is no justification or mandate whatsoever for an emergency austerity Budget.
“We need a clear programme of action to protect our economy.”
Labour has called for Mr Osborne’s Budget surplus target to be scrapped.