Commons Sense

House of Commons · Ministerial Statement

Ways and Means - Financial Statement

27 October 2021 · 3 other contributors

Opened by Rishi Sunak Con Richmond and Northallerton

EducationEconomyTaxationHousingEmployment

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Rishi Sunak raised concerns about ways and means - financial statement in the House of Commons. A government minister responded. Other MPs also contributed.

Key points

  • The Chancellor of the Exchequer Rishi Sunak presented a comprehensive spending review and autumn budget.
  • The budget focuses on stabilising public finances and driving economic growth.
  • Key highlights include a 150 billion increase in public spending over the Parliament period.

How the debate unfolded

MPs spoke in turn to share their views and ask questions. Here's what each person said.

Government Statement

Rishi Sunak

The Chancellor of the Exchequer, Rishi Sunak, presented a comprehensive spending review and autumn budget to strengthen the UK's economy. The announcement focuses on stabilising public finances and driving growth through investment in infrastructure, innovation, skills development, and public services. Key highlights include an increase in public spending by £150 billion over this Parliament with significant investments in healthcare, housing, policing, education, and cultural institutions. To support businesses, the Government plans to simplify and reduce business rates, introduce a new small producer relief for alcohol producers, and cut duties on fuel and alcohol. Additionally, there's a commitment to increase the national living wage by 6.6% next year and reduce Universal Credit taper rate from 63% to 55%, providing tax cuts worth over £2 billion for lower-income families.

Other contributors (3)
  • Yasmin Qureshi Lab Bolton South East

    Question

    The Labour Party is concerned about the impact of high inflation on people's lives. What more can the Government do to alleviate the cost-of-living crisis?

    Minister reply

    While the Government acknowledges global challenges contributing to rising inflation, measures such as freezing fuel duty and introducing a new small producer relief for alcohol producers are aimed at providing immediate support. Additionally, cutting universal credit taper rate from 63% to 55%, along with other tax cuts, aims to help lower-income families manage their finances better.

  • Robert Seely Con Christchurch

    Question

    With the aim of reducing taxes over the next Parliament, how will the Government balance fiscal responsibility while supporting economic growth?

    Minister reply

    The Government's fiscal strategy involves meeting public service and investment commitments without increasing borrowing. By strengthening public finances now, there is a foundation to reduce tax burdens in the future, aligning with the goal of promoting a high-wage, high-skill economy.

  • Paul Scully Con Sutton and Cheam

    Question

    How will the Government ensure that all proposed investments lead to tangible improvements in public services and economic development?

    Minister reply

    Investments are designed to enhance infrastructure, innovation, and skills across the UK, with a focus on levelling up communities. Specific projects like hospital construction, road upgrades, and support for local cultural institutions will be closely monitored to ensure they deliver promised benefits.

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