Economic Situation

Rachel Reeves Lab

Leeds West and Pudsey

Question

People are facing insecurity, instability and deep anxiety. Conservative economic policy has caused mayhem with financial markets, pushed up mortgage costs and put pension funds in peril, wiping £300 billion off the UK’s stock and bond markets. The mini-Budget was a bonfire of unfunded tax cuts, excessive borrowing, and repeated undermining of economic institutions by an out-of-control Conservative party. Questions were raised about guarantees for stopping currency slide, ensuring safe pensions, managing higher mortgage costs, preventing home repossessions due to increased borrowing costs, and addressing the situation ahead of Bank of England's emergency operations ending.

Minister reply

The shadow Chancellor calls for a reversal of the growth plan yet Labour voted for it last night. Mortgage rates globally have been rising; UK base rate is currently 2.25%, US 3.25%. Two-year government bond yields are similar in both countries, and dollar strength against sterling and euro shows similar figures. Measures include £37 billion package to help people on lower incomes, energy price guarantee ensuring bills do not exceed £2,500 for two years instead of six months as offered by Labour, increased national minimum wage last April, and raising the national insurance threshold to £12,500.

Mel Stride Con

Central Devon

Question

Can my right hon. Friend confirm that further rowing back on tax announcements made on 23 September is possible?

Minister reply

There are no plans to reverse any of the tax measures announced in the growth plan. The UK aims for a competitive jurisdiction attracting companies and high-potential individuals through supply-side reforms and making energy market function properly again.

Alison Thewliss

Question

Will he bring more money to devolved institutions, uprate benefits by inflation, give support to asylum seekers and those on 'no recourse to public funds'? Will he cancel any further cuts?

Minister reply

Scottish Government are receiving record levels of funding. Decisions about welfare will happen in the normal statutory process. The UK has the highest growth rate in the G7 over three years. Chancellor and Prime Minister have high regard for OBR and Bank of England, meeting both regularly.

Andrea Leadsom Con

Northampton North

Question

My right hon. Friend is asked to confirm that the energy price guarantee will lower inflation and make mortgage rates better than they would have been otherwise, contrary to what the shadow Chancellor claims.

Minister reply

The energy price guarantee will indeed lower inflation by about 5% compared with where it would otherwise be. This is supported by a range of independent forecasters and will help stabilise the economy.

Meg Hillier Lab Co-op

Hackney South and Shoreditch

Question

The Government's business scheme for energy support only lasts until March, but many businesses are struggling to make decisions beyond that point. Will they receive further guarantees?

Minister reply

Within two months of now, the Business Secretary will announce plans to explain how businesses, charities and public sector entities will be handled after March next year.

Andrew Selous Con

South West Bedfordshire

Question

Will the Minister reassure that Government borrowing costs are kept in check compared with other countries like the US and Germany?

Minister reply

The UK’s two-year bond yield is currently similar to that of the United States. The Government remains mindful of reasonable borrowing costs, which is necessary for fiscal responsibility.

Emma Hardy Lab

Kingston upon Hull West and Haltemprice

Question

Five economic specialists testified today about the UK Budget's impact on the economy.

Minister reply

Higher global energy prices, inflation, and interest rates are contributing to fiscal tightening. The Government intends to stick within spending review 2021 limits without real-term cuts.

James Cartlidge Con

South Suffolk

Question

Will the statement on October 31st show that all previous unfunded tax cuts will now be funded?

Minister reply

The medium-term fiscal plan aims to ensure debt as a proportion of GDP falls in the medium term.

Angela Eagle Lab

Wallasey

Question

If no public spending cuts are made, and there is a £60 billion gap due to tax cuts, will this be reversed?

Minister reply

Spending restraint does not mean real-term cuts. Full answers and forecasts will be provided at the fiscal statement on October 31st.

Bim Afolami Con

Welwyn Hatfield

Question

What is the Treasury's assessment of the cost to the Treasury following interventions by the Bank of England in the gilt and corporate bond markets?

Minister reply

The fiscal cost depends entirely on market prices. The volume of gilts purchased so far is less than the limits set out.

Siobhain McDonagh Lab

Mitcham and Morden

Question

A young constituent saw her mortgage offer rise from 4.28% to 6.9% due to government policies, what advice does the Minister have?

Minister reply

There are about 2,300 mortgage products on the market currently. The Government is helping first-time buyers and reducing cost of living pressures through measures like stamp duty relief and energy price guarantees.

Alun Cairns Con

Vale of Glamorgan

Question

The IMF highlighted that the UK economy is growing faster than any other in the G7, with recent fiscal changes adding to growth projections. What further supply-side reforms are planned?

Minister reply

Supply-side reforms will help reduce regulatory burdens on businesses and improve job creation across constituencies.

Rushanara Ali Lab

Bethnal Green and Stepney

Question

The mini-Budget fiasco has caused a material risk to the UK’s financial stability, and the Bank of England has said that $1 trillion could have been erased from UK pension fund investments if it had not stepped in after the mini-Budget turmoil. So the Minister needs to heed the advice of the Chairman of the Treasury Committee and others across the House, and junk the tax cuts in the Budget. They are unfunded and they are creating chaos in the markets. We need to restore confidence so that our constituents do not suffer. The Minister needs to stop being arrogant and take heed, listen to the expertise and take action.

Minister reply

If the hon. Lady objects so much to tax reductions, why did she vote for them yesterday?

Henry Smith

Question

Yesterday, I spoke with business leaders in my Crawley constituency. They welcomed both the near record low unemployment levels and the International Monetary Fund outlook of 3.6% growth. Does the Chief Secretary to the Treasury agree that that is a direct consequence of the policies that the Government are enacting?

Minister reply

Yes, I do. The leading growth in the G7 and the lowest unemployment figures in my lifetime are testament to the sagacity of the Government’s economic policies.

Sarah Olney Lib Dem

Richmond Park

Question

Today is another day when the Government’s mismanagement of the economy is causing market turmoil, putting thousands of pensioners and mortgage holders at risk. Yesterday, the Governor of the Bank of England told pension funds to “sort it out” after announcing that the Bank’s emergency bond-buying scheme would close in two days. The Government have 48 hours to save pension funds. Will they call the Chancellor back from Washington, hold an emergency Cabinet meeting and deal with the pension crisis?

Minister reply

The Chancellor is in extremely regular contact with the Governor of the Bank of England, which, with its various agencies, has responsibility for systemic financial stability. We are working closely with it, and we have complete confidence in the Bank’s management of this process.

Robert Largan

Question

The Conservative party stands for low taxes, but also for fiscal responsibility and sound money. Given that the Prime Minister has just said that there will not be public sector spending cuts, may I ask the Chief Secretary to the Treasury whether the Government are considering deferring any of the tax measures recently announced by the Chancellor?

Minister reply

We do not plan to defer the tax measures, because we think that having an internationally competitive tax system is important, as it will help to encourage businesses and successful individuals to locate here in the United Kingdom, rather than anywhere else. I used to be technology Minister, and tech businesses can choose whether they locate here, in New York, San Francisco, Singapore, South Korea or anywhere else in the world. We want them to choose the United Kingdom, which is why competitive tax rates and the right regulatory environment are important.

Tobias Ellwood

Question

Britain has embraced globalisation arguably more than other nations over the past couple of decades. About half of our GDP is subject to international headwinds, but the world is getting more dangerous, not less. The Minister mentioned Ukraine. May I suggest that any future fiscal statement is run by the National Security Council for comment and perhaps recommendations, which might include organising a United Nations safe haven around the port of Odesa, so that the grain ships can get out, helping to reduce the price of food and inflation in this country?

Minister reply

I thank my right hon. Friend for his suggestion about Odesa. I know that he is an expert in military matters and matters of international diplomacy, and that he has been to Ukraine in the past 12 months. I will pass his suggestion on to my colleagues.

Ben Bradshaw

Question

I do not think that Ministers appreciate the gravity or urgency of the situation. We have a Prime Minister who committed to no spending cuts a few minutes ago, a Government still committed to tens of billions of pounds of unfunded tax cuts and the Bank of England withdrawing its special support on Friday. What are the Government doing to avoid a market crash this Friday?

Minister reply

The reason that, on the second day of the new Government’s term in office, we brought forward the energy price guarantee was to protect consumers and in effect lower inflation by 5% compared with where it would otherwise be. We legislated at pace yesterday to alleviate the burden of the national insurance increase, which Opposition Members enthusiastically voted for. In terms of markets, as I said, we are in regular contact with the Bank of England and have complete confidence in its ability to manage systemic financial stability.

Marco Longhi

Question

The funds made available by the Bank of England to purchase gilts were described by the shadow Chancellor as taxpayers’ money. I find that confusing. My understanding—I am not an economist—is that those funds are not taxpayers’ money and that, in fact, the Bank of England may even make a profit from the actions that it takes on the markets. Different people will have different views about whether the Bank of England’s intervention is appropriate action, but does the Chief Secretary agree that it is completely wrong for the shadow Chancellor to describe those funds as taxpayers’ money?

Minister reply

It is not taxpayers’ money in the sense that the phrase suggests. There is a fiscal indemnity so that any profit or loss will end up flowing back to the Exchequer, but, as I said to my hon. Friend the Member for Hitchin and Harpenden (Bim Afolami), whether that is crystallised depends on market prices. I point out that the volume of gilts so far purchased is considerably less than the limits that were set out.

Sammy Wilson DUP

East Antrim

Question

Covid supply-side disruption and the war in Ukraine have obviously added to inflation, as has monetary policy in the United States and our own high levels of borrowing, added to the rate of interest here in the UK. That has put real pressure on households across the United Kingdom. Despite the fact that the Government have responded by putting more money in people’s pockets through tax cuts and help with electricity bills, there is real public concern about the stability of our economy. Does the Chief Secretary accept that that is partly due to poor political decisions such as reducing the top rate of taxation, bad communication of his own strategy, open warfare on his own Benches and some of the careless remarks that we saw yesterday from the Governor of the Bank of England?

Minister reply

I think the Prime Minister said a couple of weeks ago that, with hindsight, some of the pitch rolling or preparation could have been better handled, but I think that the package of measures is in the interests of the country. In addressing the cost of living pressures that the right hon. Gentleman referred to, we are protecting our fellow citizens, our constituents, from what could have been £5,000, £6,000 or even £7,000 annual energy bills. That is important. We are alleviating the burden of taxation at what is a difficult time. We are making sure that the households most in need of assistance get additional assistance, amounting to £1,200 a year for the one third of households on lower incomes. All those are measures designed to protect our constituents and I am sure that he will join me in welcoming them.

Robert Halfon

Question

Of course, I welcome the energy intervention and help for the lower paid. However, does my right hon. Friend agree that, just as it is important to grow the economy, it is important to grow society and that, if we believe in trickle-down theory, we should also have trickle-up economics? By that, I mean that we need to invest in education and skills. Will he confirm that education spending will increase in real terms and incorporate rises in wages—whatever they may finally be—for the teachers, support staff and many other people working in education?

Minister reply

I thank my right hon. Friend for his question. As Chairman of the Education Committee, he is a tireless campaigner for education and skills. I agree that the purpose of economic growth is to grow all parts of the economy, to help people across the entire income spectrum—rich and poor alike—and to ensure that the burden of taxation on those people is as light as it can be. That is why we have increased the minimum wage by such a large amount—from £5.93 an hour when Labour left office to £9.50 an hour today—and why we have lifted so many people on lower incomes completely out of taxation through increasing the income tax and national insurance thresholds to £12,570. All that disproportionately helps people on lower incomes. We are seized of the importance of ensuring that education is properly funded. It is an investment in our country’s future and our children’s future, and I assure my right hon. Friend that that is very much at the front of our minds as we think about the fiscal plan.

Richard Burgon Lab

Leeds East

Question

Like many others, I have listened with disbelief to much of what the Chief Secretary has said. While we have been in the Chamber, the Bank of England has again linked the economic turmoil to the Government’s disastrous mini-Budget. Will he explain to us all and to the public why he is right and the Bank of England is wrong?

Minister reply

As I have explained before, we are in a global cycle of interest rate increases and there has been global dollar strength. We have taken action in the energy intervention and in the growth plan to protect our constituents, get our economy growing and build on our record as the fastest growing G7 economy last year, this year and over the three-year period as a whole.

Alexander Stafford

Question

The whole world is facing a global inflation crisis, and the US, Germany and other countries are facing a worse situation. That is why I believe that the best way to deal with the situation is to get more people into better-quality jobs. I have already hosted two job fairs in Rother Valley and will have another one Friday week at Wales High School. I am pleased to see that 680 more people are in work this year than last year, and 40 more people are in work than were last month. Does my right hon. Friend agree that the most important thing is to get people into good-quality paying jobs and that the Government always stand by working people?

Minister reply

Absolutely. I completely agree with my hon. Friend, whose work on jobs fairs is extremely commendable. The way out of poverty and to create prosperity is to get people into good jobs and see rising wages. That is how we will combat poverty. That is why it is so welcome that unemployment is at a 48-year low.

Catherine McKinnell Lab

Newcastle upon Tyne North

Question

The Minister is not acknowledging the chaos in markets and rising costs for households due to the Government's mini-Budget. Should they reverse it and call a general election?

Minister reply

Calls for reversal of growth plan are rejected; highlights measures taken to protect constituents from energy prices.

Imran Hussain Lab

Bradford East

Question

Why do the Government's pay restraint and cuts not apply to bankers, reflecting austerity for many but luxury for a few?

Minister reply

Tax reductions benefit all; national insurance cut applies to everyone; wage increases disproportionately help low-income workers.

Janet Daby Lab

Lewisham East

Question

Does the Minister agree with former BoE chief adviser who said this Budget will 'say goodbye to growth'?

Minister reply

No, does not agree; cites government's efforts and measures.

Rebecca Long-Bailey Lab

Salford

Question

Will the Government uprate benefits in line with CPI inflation as reported, amid concerns about real-term cuts to basic rate of benefits?

Minister reply

No decision has been taken yet; cost of living pressures and taxpayers' contributions will be considered.

David Linden

Question

Following the mini-Budget, did the Chancellor meet hedge fund manager Crispin Odey for lunch, and if so, what was discussed?

Minister reply

No idea who the Chancellor met; suggests writing to him.

Alison McGovern Lab

Birkenhead

Question

How can he crow about unemployment when there are fewer people in work and high rates of long-term sickness?

Minister reply

Proud of lowest unemployment rate; committed to working with people on long-term sickness.

Kevan Jones

Question

The Minister claims the energy price guarantee protects families, but due to the mini-Budget, they face a mortgage increase of £6,000 annually.

Minister reply

Explains global upswing in interest rates.

Ben Lake PC

Ceredigion Preseli

Question

Will the Treasury consider providing additional funding to mitigate inflation impact on public services in Wales?

Minister reply

Public expenditure at record levels; iron discipline will be applied to spending plan.

John Cryer

Question

Does the Treasury have an assessment of the cost of Bank of England's intervention due to market prices?

Minister reply

Cost depends on market prices and cannot make clairvoyant assessments.

Holly Lynch

Question

Where is the plan to stabilise the economy now, stemming damage caused by the mini-Budget?

Minister reply

Growth plan protects from high energy bills; ensures G7-leading growth levels continue.

Chi Onwurah Lab

Newcastle upon Tyne Central and West

Question

Why cannot he accept that the only way to address this crisis is to withdraw the fiscal mini-Budget?

Minister reply

Growth plan protects from high energy bills; plans to keep record growth levels going.

Paulette Hamilton Lab

Birmingham Erdington

Question

Why does the Minister think Nobel prize winner Paul Krugman said that the mini-Budget was 'stupid and cruel'?

Minister reply

Constituents are pleased with energy bill protection; disagrees with analysis.

Barry Gardiner Lab

Brent West

Question

The £60 billion of borrowing for the energy guarantee is to paid back by bill payers, not the oil and gas producers who are making record profits on the back of the public’s misery. That is not fair. Will the Minister consider raising not a temporary windfall tax but the basic tax rate for oil and gas producers, which in the UK is the lowest in the entire world? If he raised it even to the global average, he would raise an addition £13.4 billion every single year.

Minister reply

I will make a couple of points. Extraction companies already pay about double the rate of corporation tax that other companies pay. In addition, we have imposed the energy profits levy, through which the rate of taxation on their profits increases to 65%. That is a pretty significant rate of tax, even by Labour party standards, and it will raise about £23 billion over the relevant three-year period. The hon. Member will also have seen the announcement from my right hon. Friend the Business Secretary yesterday on ensuring that renewable companies provide energy to our constituents at reasonable prices. The suggestion that no contribution is being made by the energy sector in the circumstances is, frankly, not accurate.

Chris Stephens

Question

The Minister quoted IMF analysis but curiously not the part where it warns that rising prices will be worse in the UK, noting that the Government’s tax cuts will “complicate the fight” against soaring prices, and where it expects higher prices to last longer in the UK than elsewhere. What is his analysis in relation to food prices and tackling food poverty in the next two years?

Minister reply

The energy intervention will make sure that inflation in this country is about 5% lower than it otherwise would be. That is not a Government forecast, but the consensus of independent forecasters. Also, the inflation rate in the United Kingdom is lower than in some other countries, including Germany and Holland.

Derek Twigg Lab

Widnes and Halewood

Question

No matter what the Minister has said today, the sums do not add up—that is a fact. The Government have lost control of the situation and shown a level of incompetence that has rarely been seen in British politics. As a result, we have seen increased anxiety and even terror about the cost of living and energy bills, as well as mortgages. On pensions, can the Minister give an absolute guarantee and assurance that people do not need to worry about the future of their pensions?

Minister reply

If the hon. Member is asking about the state pension, the Prime Minister has been clear that we stand by the triple lock. If he is asking about the private pension system, yes, I have complete confidence in the Bank of England’s responsibilities around financial stability. On his first comment, I think that having the lowest unemployment rate for 48 years and the highest economic growth in the G7 is something we should all be happy about.

Tonia Antoniazzi Lab

Gower

Question

As well as mortgage costs, the cost of lending to businesses is going up. UK Finance said that small businesses have £240 billion in outstanding debt. What assessment have the Chancellor and his Department made of the impact that the rise in borrowing costs will have on businesses’ ability to invest, and what will the Minister do about it?

Minister reply

We are very mindful of the impact that rising global interest rates have on businesses. That is one reason why we will keep corporation tax at 19% rather than increase it to 25%. What I do not know is whether the Labour party support that.

Helen Hayes Lab

Dulwich and West Norwood

Question

I would like to relay to the Chief Secretary a message that I just received from one of my constituents who was watching Prime Minister’s questions. My constituent said: “The Prime Minister says she is unashamedly pro-growth and pro-business, but our local dry cleaner was in tears this morning at the news that their energy bill has gone up more than four-fold. They say they get it but they really don’t.” What does the Minister have to say to my constituent and thousands more of my constituents who are simply terrified about how they will sustain their businesses or keep a roof over their heads in the context of the self-inflicted chaos and harm to our economy that his Government are causing?

Minister reply

On the energy bills for the dry cleaner in the hon. Member’s constituency, she must be aware that the whole world has been experiencing the energy price crisis as a result of Putin’s illegal invasion. That is driving energy prices higher. The dry cleaner should be the recipient of the business energy guarantee scheme in relation to their bill. It should not see bills rising as high as she suggested, so if she writes to the Secretary of State for Business, Energy and Industrial Strategy or to me about that case, I will be very happy to look into it to make sure that the business—like businesses in all our constituencies—is being properly protected.

Steve McCabe

Question

Further to the question from my hon. Friend the Member for Halton (Derek Twigg), will the Minister give us a few details of the Government’s back-up plan to protect people’s pensions, should the run on gilts continue when current Bank of England support ends, despite dire warnings from the pensions industry?

Minister reply

As I said, the Chancellor of the Exchequer is in regular contact with the Governor of the Bank of England and his officials. The Bank of England has responsibility for financial system stability and I have complete confidence in its ability to manage that.

Wendy Chamberlain Lib Dem

North East Fife

Question

The energy price guarantee still means increases in costs for consumers. We know that disabled people already face higher costs, and the only support that thousands of unpaid carers receive from the Government is carer’s allowance. In many cases, that means that they have been excluded from cost of living support. In addition, carer’s allowance is effectively means-tested due to the earnings cap, meaning that carers cannot seek work, as the Chief Secretary seems very keen for them to. Will he commit to ensuring that we review the carer’s allowance situation and, if not, that we provide further support to carers, who do such valuable work?

Minister reply

The hon. Lady is right that despite the energy price guarantee—the decisive intervention that has protected our constituents from £5,000 or £6,000 bills—bills this year are higher still than they were last year. That is why we have made the £37 billion intervention, which, for people on lower incomes, amounts to £1,200 a year. There is more money on top of that for people with disabilities for the reason that she mentions. As for reviewing various components of disability and caring benefits, those will get reviewed in the normal way along with the other benefits. The Minister with responsibility for welfare and the Chancellor of the Exchequer will lay all that out in the coming weeks.

Nick Smith Lab

Blaenau Gwent and Rhymney

Question

I, too, am really concerned about the oversight of our pensions industry. When was the last stress test to see whether these funds had sufficient liquidity to cope with market turbulence, and can the Minister explain in simple terms the regulation of pension funds right now? Our country needs pension stability, not ongoing, home-grown financial crises.

Minister reply

We have excellent regulators overseeing our financial system and pensions in particular, whether we are talking about the Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority or the Pensions Regulator. They are all rightly independent, but all of us in Government and Parliament can have every confidence that they are making sure that our system is operating safely and securely.

Gavin Newlands

Question

The Minister said that the Government were being fiscally responsible. I am no expert, but fiscal responsibility does not usually result in the market and the wider UK economy being set ablaze in what can only be described as a bin fire. With the pound in freefall, pension funds on the brink, unfunded tax cuts for the rich, mortgage payments up by hundreds of pounds and the UK’s financial institutions—barring the Institute of Economic Affairs, obviously—utterly undermined, the Government are waiting another six weeks to show their working. That is not fiscally responsible; it is chaos theory-IEA style. Will the poorest pay for this or will benefits be uprated in line with inflation—yes or no?

Minister reply

The hon. Member was obviously not listening to my previous answers in which I said that the decision has not been taken and the CPI figure, which is a critical input into the decision, has not even been published yet. I also explained how interest rates around the world are rising—they have risen more in the US than they have here—and how the dollar has been strong against a number of currencies. Its strengthening against the euro has been only about 3% higher so far this year than it has against sterling, so I do not accept the hon. Member’s characterisation at all. As for fiscal responsibility, we have the second lowest debt-to-GDP ratio in the G7. The Chancellor said that we will get the debt-to-GDP ratio falling over the medium term. The hon. Member for Argyll and Bute (Brendan O’Hara) has less than three weeks to wait, if he can contain himself, before the medium-term fiscal plan is set out in full.

Ellie Reeves Lab

Lewisham West and East Dulwich

Question

A local teacher and her partner wrote to me last week. Once their fixed-rate mortgage comes to an end, their mortgage will rise by £9,000 a year; that is an extra £750 a month. They are terrified and cannot sleep because they do not have that sort of money spare. I have listened to the Minister’s answers, but given that the IMF’s Tobias Adrian said yesterday that the announcements on 23 September triggered rising interest rates, will the Minister finally accept that the Conservative Government’s mini-Budget has caused this chaos for our constituents?

Minister reply

We have every sympathy with people who are struggling. That is why we have the energy price guarantee. It is why we have had the £37 billion intervention. It is why we are cutting taxes, particularly for people on lower incomes. It is why the minimum wage increased by so much a few months ago. It is why we have increased the national insurance threshold to help people. On interest rates, I have explained more than once this afternoon that there is a global cycle that has been going on for about nine months. So far in this calendar year, interest rates in the United States, a comparable economy, have increased one and a half times as much as in the UK: by 300 basis points, compared with 200 basis points. It is very important that the House keeps that context in mind.

Rachael Maskell Lab Co-op

York Central

Question

Inquired about the protection of private pension schemes since the Bank of England ended its refinancing scheme, and how employers and workers are expected to ensure pension viability.

Minister reply

Stated that speculation is reckless. Emphasised confidence in financial regulators like the Bank of England and Pensions Regulator.

Fleur Anderson Lab

Putney

Question

Asked about constituents' concerns regarding rising mortgage costs and impacts of recent stamp duty changes on housing.

Minister reply

Responded that the Government took decisive action to protect constituents from high energy bills, contrasting with Labour's short-term plan.

Owen Thompson

Question

Expressed concerns about economic chaos since the new Tory government took office, citing currency depreciation and mortgage price increases.

Minister reply

Referred to lowest unemployment in 48 years and top growth rate in G7 as indicators of stability.

Florence Eshalomi Lab Co-op

Vauxhall and Camberwell Green

Question

Concerned about small businesses struggling with rising costs post-pandemic, Brexit uncertainty, and recession.

Minister reply

Highlighted energy price guarantee for businesses, low corporation tax rate, and reduction in national insurance burden.

Diana R. Johnson Lab

Kingston upon Hull North and Cottingham

Question

Asked the Chief Secretary to explain why he disagrees with Bank of England Governor's comments on recent market turmoil.

Minister reply

Stated that they are working closely with regulatory authorities, focusing on long-term economic growth.

Stephen Flynn SNP

Aberdeen South

Question

Asked about specific impacts of energy price guarantee in Scotland and the role of local energy production.

Minister reply

Suggested that more natural gas, oil extraction or nuclear power generation could help. Highlighted renewable energy use increase.

Gerald Jones Lab

Merthyr Tydfil and Aberdare

Question

Asked if sidelining the OBR in recent mini-Budget was helpful and whether it will be sidelined again.

Minister reply

Explained that urgent action was needed to address current issues, and statutory requirements ensure OBR's involvement.

Carla Lockhart DUP

Upper Bann

Question

Asked for assurances on Government actions to undo damage caused by recent changes and make mortgages affordable.

Minister reply

Acknowledged global interest rate cycle, highlighted energy price guarantee measures, and mentioned housing ladder support.

Margaret Greenwood

Question

Asked the Chief Secretary to apologise for constituents being priced out of private rented sector due to recent changes.

Minister reply

Emphasised Government's efforts to support getting on the housing ladder, mentioned plans by Housing Secretary.

Mohammad Yasin Lab

Bedford

Question

Asked why Chancellor is experimenting with constituents' lives and homes, asking for a general election.

Minister reply

Responded that the real gamble lies in having taxes too high without a growth plan.

Jim Shannon DUP

Strangford

Question

Will the Minister outline the specific help that is available to the working poor, who face increased energy costs and inflation in food and transportation?

Minister reply

We have increased income tax thresholds for lower-income individuals, frozen petrol duty and cut it by 5p earlier this year, and raised the national minimum wage from £5.93 an hour to £9.50 an hour under this Conservative Government.

Deidre Brock

Question

Given warnings about the impact of a lack of targeted support for lower-income households, will the Chancellor make an assessment of its effect on UK poverty levels?

Minister reply

We have already provided targeted support through a £37 billion energy package that benefitted those in the lowest income brackets and people with disabilities or pensions.

Tahir Ali Lab

Birmingham Hall Green and Moseley

Question

With hundreds of families in his constituency dependent on universal credit while working full-time, will the Minister ensure benefits are uprated to keep pace with inflation?

Minister reply

No decisions have been made yet; however, we have increased the minimum wage and alleviated tax burdens for lower-income individuals. The best way to support these families is through economic growth.

Ruth Jones Lab

Newport West and Islwyn

Question

How does the Government plan to help people facing significant increases in mortgage payments due to rising interest rates?

Minister reply

We have implemented a £37 billion energy price guarantee to help people with increased costs, and we are focusing on alleviating tax burdens for lower-income individuals through our growth plan.

Alan Brown

Question

Given Treasury figures showing that not implementing a corporation tax increase will cost the Treasury £68 billion over five years, is this approach creating a significant budget deficit?

Minister reply

Maintaining competitive rates of corporation tax at 19% helps attract businesses to invest in the UK and supports smaller companies with profits over £50,000.

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