Pound LIVE: Truss handed lifeline as GBP recovers ahead of key meeting with OBR | City & Business | Finance

The Prime Minister and Chancellor have lost the faith of the markets and the public and will never get it back, Labour has said.

Asked whether Liz Truss’s meeting with the Office for Budget Responsibility will reassure markets, shadow business secretary Jonathan Reynolds said: “It’s a bit late for that now, isn’t it?”

He continued to say the Government has made “one of the biggest unforced errors in policy-making in this country’s history.”

Mr Reynolds claimed that people and businesses are looking at the “entire approach” of the Government and “saying we have no faith in these institutions”.

“I will be frank,” he said. “I don’t think either the Prime Minister or the Chancellor will ever get that back.”