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Ways and Means - Financial Statement and Budget ReportWays and Means

15 March 2023

Lead MP

Jeremy Hunt

Debate Type

Ministerial Statement

Tags

EconomyBusiness & TradeParliamentary Procedure
Other Contributors: 2

At a Glance

Jeremy Hunt raised concerns about ways and means - financial statement and budget reportways and means in the House of Commons. A government minister responded. Other MPs also contributed.

How the Debate Unfolded

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

Government Statement

EconomyBusiness & TradeParliamentary Procedure
Government Statement
Madam Deputy Speaker, in the face of economic challenges, Jeremy Hunt reports that the UK economy is stabilising with a reduction in gilt rates, lower debt servicing costs, decreased mortgage rates, and peaking inflation. The International Monetary Fund affirms the UK's correct approach to stability. The Office for Budget Responsibility forecasts no technical recession this year, predicting halving of inflation from 10.7% to 2.9%, reduced debt, and economic growth. A £94 billion support package is in place to aid struggling families with a £2,500 energy price guarantee and uprating benefits with inflation, providing over £3,300 cost-of-living help per household. The Government aims for long-term sustainable growth through business investment facilitation, labour shortage alleviation, barrier reduction for employment, and technology advancement to make the UK a superpower in science and technology. Additionally, the energy price guarantee will remain at £2,500 for three months, saving families an extra £160, and prepayment metre charges are being aligned with direct debit rates.
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About House of Commons Debates

House of Commons debates take place in the main chamber of the House of Commons. These debates cover a wide range of topics including government policy, legislation, and current affairs. MPs from all parties can participate, question ministers, and hold the government accountable for its decisions.