Labour storms to 33-point lead over Tories after mini-budget backfires

The Labour party has taken its largest poll lead in over two decades against the Tories, according to a YouGov poll.

It comes after Chancellor Kwasi Kwarteng announced a series of tax cuts - the most notable of which featured an end to a cap on bankers' bonuses. The poll, which was carried out on Wednesday and Thursday, notes that the opposition now holds a 33-point lead over the Conservative party.

The report also places Labour on 54 per cent compared to the Conservatives' 21 per cent. Following last Friday's mini-budget, the value of the pound plummeted and cause widespread market turmoil. Despite this, Prime Minister Liz Truss has reaffirmed that she is committed to her economic plans.

Read more: MP's vow over 'incredibly upsetting scenes' as BBC claims mental health patients 'filmed being subjected to abuse'

She added that without her economic strategy, the country would be "facing higher inflation and more likelihood of an economic showdown". During a series of local BBC TV interviews, she said: "...we’re constantly looking at how to get value for money for the taxpayer…we are always looking at how we make government more efficient.”

In response to the economic turmoil, shadow chancellor Rachel Reeces told broadcasters: "Sterling has fallen against major currencies from the Dollar to the Euro. This is about what the Chancellor did last Friday in his so-called mini budget.

“This is a crisis made in Downing Street. The Prime Minister and the Chancellor must now recall parliament and reverse their budget decisions because without that the markets and ordinary families and pensioners are going to be paying a big price.”

She added: “It now looks like people on the lowest incomes, some of the poorest in society, both in