Ways and Means

Opened the debate on behalf of the Government, highlighting the positive response to the Chancellor’s autumn statement from business organisations such as the Federation of Small Businesses, UK Finance, and Make UK. He stressed that the measures will help close the productivity gap by boosting investment and cutting costs through lower taxes and reduced red tape.

Responded to Kevin Hollinrake, noting analysis from the Resolution Foundation that households would be £1,900 poorer at the end of this Parliament compared to the start, suggesting families are worse off under the current Government despite positive feedback from businesses.

Asked Kevin Hollinrake if he would confirm that living standards were going to fall by 3% over this Parliament, which is described as the biggest hit to living standards on record.

Acknowledged the Minister's positive response to measures announced and inquired about concerns from Hospitality Ulster regarding energy prices affecting hospitality workers.

Expressed gratitude for the steps announced but raised issues regarding late payment practices in construction and civil engineering sectors, specifically asking for legislation or a code of practice to protect small business subcontractors from main contractors' insolvency.

Asked about HMRC's investment in debt management capability, questioning the logic behind the £160 million investment and its potential to unlock £1 billion in annual debt recovery, seeking clarity on why this was not done previously.

Reynolds criticised the Government for taking personal credit for inflation falling, which he believes is unjustified. He highlighted Labour's plan for energy independence and security, emphasising the need to reduce exposure to volatile fossil fuel prices. Additionally, Reynolds pointed out that high inflation has led to higher tax receipts, but these are not being used to address increased costs in public services. Moreover, he expressed concern over business investment and stability, noting that frequent changes in government strategy undermine confidence among businesses.

Brown agreed with Reynolds' principle of a sovereign wealth or investment fund, comparing it to Norway's successful model which has the largest sovereign wealth fund globally. He suggested that Westminster missed an opportunity over decades by not creating such funds from oil and gas revenues.

Hollinrake questioned Reynolds on whether he would reinstate HS2, challenging the Labour party's stance on industrial strategy and its impact on business confidence.

Mr Syms argues that the Chancellor's economic record is steady and solid, with better economic out-turns than projected. He notes a reduction in inflation and predicts rising living standards over the next 12 months due to Government policies such as tax reductions and energy price support. He supports the triple lock on pensions and advocates for domestic oil and gas production. He also praises the Government's approach to helping businesses through full expensing and uniform business rate assistance, while suggesting that the Bank of England may reduce interest rates in the future.

The autumn statement has received mixed reviews, with right-wing press praising tax cuts while other credible sources denounce it as a tax-increasing budget. The speaker criticises the Government for misleading the public and emphasising economic forecasts selectively to suit their narrative. He highlights that real living standards will decrease significantly under Tory rule, particularly in Scotland. While welcoming some aspects of the statement, such as the national insurance cut, he argues these benefits are outweighed by tax threshold freezes which exacerbate inflation issues. The speaker also criticises plans to reduce disability and welfare support, predicting unnecessary deaths due to austerity policies. He supports measures for small businesses but calls for more substantial action to address the cost of living crisis. Additionally, he advocates for green industry support and emphasises Scotland's benefits system that prioritises dignity, fairness, and respect.

The autumn statement unveiled a comprehensive plan addressing immediate needs and laying the foundations for long-term growth. The speaker highlights several key measures including business rates relief, tax cuts, adjustments to local housing allowance, improvements in welfare support, and investment in energy infrastructure. She emphasises the importance of supporting businesses, particularly in hospitality and tourism, and calls for reforms to R&D tax credits and solvency II regulations. Additionally, she advocates for supply-side reform and simplification of regulatory frameworks such as driving tests for older drivers.

The speaker criticises the Chancellor's autumn statement, highlighting issues such as tax cuts that do not reduce taxes in reality, the impact of high inflation on households, the need for local authorities to be properly funded, and the lack of industrial strategy. He mentions specific examples like the RAAC problem in schools and the challenges faced by students with maintenance loans. The speech emphasises the negative impacts of austerity policies and the government's failure to address productivity issues compared to other nations. Additionally, it points out that the government is imposing a higher tax burden than any post-war period.

Welcomed the announcements made in the autumn statement, particularly raising the minimum wage to £11.44 and providing £50 million for apprenticeship training. Highlighted support for veterans through programmes like Veterans’ Places, Pathways and People, as well as extending national insurance relief for employers of eligible veterans. Welcomed the east Midlands investment zone announcement which will bring in over £3.4 billion of private investment and 65,000 new jobs. Also welcomed measures supporting the self-employed such as abolishing class 2 national insurance and an extension of the business rates discount.

Critiqued the autumn statement, stating that it presided over a significant economic downturn with persistently high inflation and falling living standards. Pointed out that growth forecasts have been cut to 0.7% for next year and will not reach 2% real GDP growth in the foreseeable future. Emphasised the OBR's warnings about implausible levels of austerity, especially regarding local government spending. Highlighted the crisis in public services such as the NHS and schools. Criticised the Conservative plan to cut disability benefits, which would force people with disabilities to work from home or lose up to £5,000 in income annually.

The autumn statement fails to address the critical needs of public services and local government. Local authorities face funding shortfalls and budget deficits, threatening service delivery. The housing market remains dysfunctional with a lack of planning capacity and insufficient land supply for development. While there are some positive measures like increasing local housing allowance rates, overall, living standards will drop significantly from 2019 to 2025.

The hon. Gentleman's concerns about the local housing allowance are valid. While it is positive that the allowance has been unfrozen for one year, there should be a commitment to maintain its flexibility and prevent further freezes in future years.

The local housing allowance costs taxpayers approximately £34 million annually. Building more social homes would alleviate this financial burden on the taxpayer, indicating a need for comprehensive solutions to address housing affordability and supply.

The Chancellor's autumn statement was criticised for its tax cuts, benefit freezes, and the lifting of energy price caps. The speaker argues that these policies will not restore public confidence in a government that has doubled national debt and worsened public services. He also points out that the Office for Budget Responsibility (OBR) downgraded growth forecasts, undermining the Chancellor's claims about economic recovery. McDonnell emphasises the harmful impacts of benefit cuts on disabled people and those with mental health issues, highlighting the collapse in Department for Work and Pensions (DWP) staffing leading to delayed benefits processing. He argues that Labour's plan to borrow to invest in green growth would generate tax income through multiplier effects, contrasting it with the Conservatives' past practice of borrowing for day-to-day spending. The speech concludes by calling for increased support for children in poverty, carers, homeless families, and public services.

The Chancellor's measures announced are insufficient to address the economic challenges faced by working people in the UK. The Government's policies over the past 13 years have resulted in a significant decline in real earnings, high energy costs, and increased financial strain for many households.

The Chancellor’s statement fails to address urgent climate change issues adequately. The UK risks falling behind on green investment due to a lack of ambition compared to other countries, including the US and EU.

My constituents have suffered immensely over the past 13 years due to austerity measures and cuts in essential services. The Government has retreated to protecting the interests of the wealthy, leaving working people taxed heavily while receiving less in services. People are forced to make difficult choices between heating their homes or buying food. The Tory party's claims of compassionate conservatism ring hollow when mandatory work placements threaten benefits for those on disability support and bankers' bonuses are lifted without restraint. House prices continue to rise despite austerity measures, increasing household debt and making essential needs unaffordable. The private rented sector is out of control with a surge in homelessness due to local housing allowance freezes.

The autumn statement fails to address the real issues in communities, leaving constituents feeling despondent and despairing about their economic situation. The speech criticises the lack of meaningful support for those struggling with rising costs, highlighting that measures like uprating benefits and unfreezing local housing allowance are insufficient. It calls for a windfall tax on oil and gas companies, fair taxation for the wealthiest, and strategies to raise middle and average incomes. Criticism is directed at the government's ideological austerity agenda and attacks on the poorest, with emphasis on the rising poverty rate in Bradford East where 50% of constituents live in poverty. The speech also condemns proposed welfare reforms that may impact disabled individuals negatively.

The Chancellor's actions are criticised as failing to provide relief for those in energy poverty, despite the £40 billion support package. The Government is seen as responsible only when news is good, such as inflation falling. Mr Brown highlights the need for investment in green energy efficiency and infrastructure projects in Scotland.

The Conservative Government has weakened the NHS, increased relative poverty rates, and reduced economic growth. The Office for Budget Responsibility warns that mortgage holders will face higher interest rates in the future, increasing monthly payments by £290 for families with mortgages in Slough. Additionally, the Government's rhetoric about tax cuts is not supported by their actions; they have introduced 25 new taxes despite promises to cut them. The UK economy is set to have the weakest growth among G7 countries in 2024, according to the International Monetary Fund.

Welcomes the hon. Member for Slough to his position, acknowledges the opening speech by Kevin Hollinrake, appreciates detailed contributions from Members across the House, emphasises that everyone in the House wants a thriving economy with well-paid jobs available throughout the country. He supports the autumn statement's measures aimed at boosting business investment and growing the economy, citing £20 billion per year increase in business investment as a result of these measures. Davies mentions support for green industries, extension of business rates discount, expansion of investment zones programme, and full expensing measure which will boost annual investment by £3 billion per year according to OBR. He also highlights national insurance cuts for self-employed people and workers, pension increases, benefit uprating, local housing allowance uprating, energy support measures, and the impact of these on living standards. Davies responds to concerns raised about inflation and living standards, stating that global factors including pandemic and war in Ukraine caused increased gas prices leading to higher inflation.

Expresses concern over the prediction of a significant drop in living standards due to the measures outlined in the autumn statement, questioning whether these measures will actually improve people's economic conditions despite government claims.

Welcomes Gareth Davies to his place but criticises the previous year’s Budget as fueling inflation, suggesting it led to a higher inflation premium compared to other nations.

Questions the Minister about Scotland's energy situation, noting that while his country might be dependent on imported gas, Scotland has more energy than it needs. He inquires why Scotland is being so badly affected by rising energy prices.