Former Labour party leader Ed Milliband claims that the reputation of Tory chancellor Rishi Sunak has crumbled like a crypto Ponzi scam.
“The chancellor and cryptocurrencies appeared out of nowhere, the value rose, seemed like the future, but it all ended up to be a big Ponzi scam,” Milliband said in Parliament on Tuesday.
Rishi Sunak’s image deteriorates
Rishi Sunak, who was once considered the front-runner to replace Prime Minister Boris Johnson, has seen his public image deteriorate. Her Majesty’s Treasury CEO, who created the furlough arrangement, is now dealing with growing inflation and a cost-of-living issue.
According to the most current data of YouGov polls from May 12, 47% respondents believe he is doing a poor job in office, while only 19% believe he is doing well.
Milliband criticised Sunak on the cost of living
Milliband criticised Sunak for failing to address growing living costs. He also reiterated his request for a windfall charge on oil and gas firms. He also noted the technological breakdown that left the government unable to increase compensation payments.
Sunak said that HM Treasury’s computer systems prevented him from boosting assistance payments more than once a year.
Sunak announced aspirations to establish the UK as a cryptocurrency centre last month. He declared plans to regulate stablecoins in order to recognise their usage as a form of payment, as well as an NFT to honour his contribution to digital assets.
Opposing party MPs in the House are more concentrated on their conventional financial duties as inflation reaches 9%, a 40-year high.
In response, Labour party called a referendum on Wednesday to force the chancellor to prepare an emergency budget.
