East Renfrewshire's MP has demanded an immediate recall of the UK Parliament in response to the "deteriorating economic situation" faced by the country.

Kirsten Oswald spoke out after the value of the pound nosedived to an all-time low against the dollar.

There has been heightened uncertainty in the financial markets after Chancellor Kwasi Kwartang announced a controversial series of tax cuts and the end of the cap on bankers' bonuses in a ‘mini-budget’ delivered on Friday.

Some experts have warned that the pound’s plunge towards parity with the dollar will increase the cost of imports, which could then lead to even higher inflation and exacerbate the cost-of-living crisis.

Ms Oswald told the Barrhead News: “The UK was already grappling with a cost-of-living crisis before parliament went into recess. Now the pound is in freefall and investors are losing confidence in the UK’s economy.

“The Chancellor’s mini-budget was a betrayal of hard-working families and businesses.

“There are many families in East Renfrewshire who are struggling to pay their bills. The Chancellor made a deliberate decision not to help them, preferring instead to cut taxes for the richest in society.

“Parliament must be recalled immediately so that MPs can scrutinize the government’s reckless decisions that have led to this chaos.”

However, Work and Pensions Secretary Chloe Smith has defended the mini-budget.

She said: "The government is absolutely focused on delivering the growth package as we set out, with various ways that we will be helping both businesses and households to move ahead to growth."