Economic Responsibility and a Plan for Growth

Lindsay Hoyle Speaker

Chorley

I inform the House that I have not selected the amendment.

Rachel Reeves Lab

Leeds West and Pudsey

The Conservative mini-Budget has caused financial chaos, high inflation rates, and increased energy costs. It has led to higher mortgage payments for millions of people and undermines the Bank of England’s independence. The Government must take responsibility by publishing OBR forecasts and windfall profit estimates, and introduce a proper windfall tax.

Justin Tomlinson

Welcomes recent employment statistics but questions whether it is justifiable to place blame for the current economic crisis solely on the Government's actions.

Toby Perkins Lab

Chesterfield

Agrees with the motion and criticises the lack of disagreement from Conservative Members, suggesting they recognise their responsibility for the current situation.

Jim Shannon DUP

Strangford

Supports the need to help small businesses survive through high energy bills and emphasises the importance of economic growth for job creation.

David Rutley

Questions Labour's stance on protecting pensioners and welcomes the Prime Minister’s confirmation that the triple lock will be protected.

Stephen Timms Lab

East Ham

Asks for clarification regarding the decision to sack the permanent secretary to the Treasury, suggesting it was due to warnings about economic policies' consequences.

James Cartlidge Con

South Suffolk

Questions whether Labour's windfall tax policy would be paid for by borrowing and seeks clarification on their stance.

Rushanara Ali Lab

Bethnal Green and Stepney

Agrees that the Government has failed to learn from their mistakes, with energy companies profiting while citizens suffer. Urges the Government to prioritise using company profits instead of cutting public services.

Anna McMorrin Lab

Cardiff North

Emphasises the dire consequences for health and social welfare due to high inflation and energy costs, questioning why companies are not contributing their fair share.

Catherine McKinnell Lab

Newcastle upon Tyne North

Highlights the undermining of local government projects such as leisure centres due to the economic outlook following the mini-Budget, urging the Government to support these initiatives despite inflation challenges.

Andrew Griffith Con

Arundel and South Downs

The economy faces challenges due to global trends including the pandemic and Putin’s invasion of Ukraine. Government is committed to fiscal discipline and prioritising growth, implementing measures like cutting national insurance, energy price guarantee, and investment zones.

Richard Holden Con

Basildon and Billericay

The current issues in the global markets are caused by Russia's illegal invasion of Ukraine. The Government is addressing economic challenges while considering broader context.

Meg Hillier Lab Co-op

Hackney South and Shoreditch

The mini-Budget has led to chaos in the financial markets, causing instability for pension funds and retired people across the country. The Government needs to address these issues.

Margaret Greenwood

The Bank of England had to intervene after a collapse in UK Government bond markets following the mini-Budget. The value of BT’s pension scheme has plummeted by £11 billion. The Minister must acknowledge and address this chaos.

Toby Perkins Lab

Chesterfield

The new Prime Minister and Chancellor had to tread carefully due to global factors, but their actions have been reckless and damaging given the dangerous situation.

Several hon. Members 13:14:00

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Rosie Winterton 13:14:00

Colleagues will be aware that there is a great deal of interest in this debate, so I warn the next speakers that, after the SNP spokesperson, I will introduce a six-minute time limit. I call the SNP spokesperson, Drew Hendry.

Drew Hendry SNP

Inverness Nairn Badenoch and Strathspey

The report shows that 60% of people across the nations of the UK are worried about their household financial prospects. Drew Hendry emphasises that nine in ten people have delayed putting on heating due to cost concerns. He criticises the current government for focusing on making the rich richer and cutting benefits like Universal Credit, which hurts vulnerable households. The Chancellor's decision to remove the cap on energy prices is seen as exacerbating an already dire situation, especially for those off the gas grid in rural areas.

James Cartlidge Con

South Suffolk

Asked Drew Hendry about SNP policy regarding Scotland's currency and lender of last resort if it becomes independent. Asked a follow-up question but was not given way to by the speaker.

Brendan O'Hara SNP

Argyll, Bute and South Lochaber

Noted that heating oil prices have increased by 147% since January and expressed concern for rural areas where residents might not be able to afford to refill their oil tanks. This is a crisis.

Imran Hussain Lab

Bradford East

Asked the government minister about figures on expected windfall revenue, highlighting that the government always sides with energy giants over ordinary people.

Hywel Williams

Inquired whether there is any indication of how growth will be spread beyond London and the south-east. Criticised for not addressing this concern sufficiently in his speech.

Alan Brown SNP

Kilmarnock and Loudoun

Highlighted that fuel poverty has increased by more than 50% under the current government, affecting 6.7 million households, which contradicts their claim of protecting the vulnerable.

William Wragg Con

Hazel Grove

Expressed concerns over the recent mini-Budget and its impact on public confidence. Criticised the lack of foresight by senior Government members, emphasising the importance of sound financial management and a balanced budget. Stated his personal struggles with mental health but highlighted that delivering a speech in Parliament was not one of them. Emphasised the need for better communication from the Treasury regarding independent organisations' reputations. Vowed to support the Government's position on fracking despite personal opposition, citing the importance of maintaining positions within parliamentary committees and the 1922 Committee.

Geraint Davies

Asked a point of order regarding the validity of a Member expressing disagreement with policy but voting in support. This was not considered a formal point of order by the Deputy Speaker.

Rosie Winterton

Responded to Geraint Davies, stating that each member is accountable for their own decisions and should not expect interference from the Deputy Speaker regarding voting choices.

Stephen Timms Lab

East Ham

Praised William Wragg's speech and highlighted economic issues such as food bank dependency, real-term cuts in benefits, and the disparity between inflation rates and benefit increases. Emphasised the importance of upholding promises made to the poorest families during cost-of-living crises. Criticised previous policies that led to increased reliance on social safety nets like food banks and urged for a more compassionate approach towards vulnerable populations facing rising living costs.

Steve Double Con

St Austell and Newquay

The speaker criticises the rushed mini-Budget, stating it has led to a loss of confidence in markets and businesses. He welcomes the new Chancellor's steps towards stability but emphasises the need for clear policies from both No.10 and No.11. He supports maintaining the triple lock on pensions but urges caution with stamp duty cuts as they may exacerbate housing crises, particularly in areas like Cornwall.

Paula Barker Lab

Liverpool Wavertree

The speaker condemns the Government for the economic instability caused by the mini-Budget and criticises austerity measures. She highlights the negative impact on communities such as Liverpool, including increased mortgage bills and uncertainty for small businesses. The speech emphasises the need for public services to be adequately funded and stresses that working people are being asked to bear the brunt of stabilising the market.

Jerome Mayhew Con

Broadland and Fakenham

The Government's intervention during the pandemic prevented a catastrophic rise in unemployment, despite spending £630 billion. This prudence contrasts with Labour's historical track record of worsening unemployment and economic conditions. The current low unemployment rate and productivity growth indicate successful economic policies under this Government.

Mike Amesbury Lab

Weaver Vale

The economic crisis is the result of irresponsible policy decisions by the current Government, leading to high inflation and increased costs for basic necessities. The mini-Budget exacerbated these issues, causing a spike in mortgage rates and energy bills while wages stagnate or decline. The frequent changes in Chancellor demonstrate a lack of stability and effective leadership.

James Cartlidge Con

South Suffolk

The Conservative MP emphasises the importance of sound fiscal policy and warns against unfunded tax cuts or spending measures, arguing that they have a significant impact on future generations. He criticises the lack of funding for such measures and the absence of difficult decisions in addressing economic issues. Cartlidge highlights the need to balance the books and ensure that any measures taken are financially sustainable. He also discusses the social care workforce and the importance of maintaining commitments made by previous governments, particularly regarding the health and social care levy.

Hannah Bardell SNP

Livingston

Intervening to criticise the Conservative government for creating economic black holes in Scotland, which her Government has to address. She describes it as a 'trickle-down tragedy' affecting constituents and calls into question the effectiveness of trickle-down economics promoted by the current administration.

Toby Perkins Lab

Chesterfield

Mr. Perkins expresses his opposition towards Tory governments, especially the current one, which he finds inept and arrogant, leading to significant impacts on people's lives due to higher interest rates, tax rises, service cuts, and potential further reductions in benefits for disabled people and pensioners. He supports a windfall tax on energy generators' excess profits to fund support measures during winter and criticises the government’s lack of clarity and consistency in their economic policies.

Janet Daby Lab

Lewisham East

Ms. Daby interjects, agreeing with Mr. Perkins that the Prime Minister should take responsibility for her actions by resigning since she is the one who set the course and ensured the Chancellor lost his job.

Paula Barker Lab

Liverpool Wavertree

Ms. Barker agrees with Mr. Perkins that it is time for a windfall tax as even the CEO of Shell has advocated for one, indicating that such measures are necessary to address current economic challenges.

James Wild Con

North West Norfolk

The debate highlights the economic stability and growth achieved by Conservative Governments over the past decade, despite criticisms from opposition parties. Unemployment is at a record low, with high levels of foreign direct investment in the UK. The energy profits levy will generate £26 billion to support citizens facing cost-of-living pressures. Investment in new hospital schemes is essential for addressing health infrastructure needs.

Bambos Charalambous Lab

Southgate and Wood Green

The former Chancellor's 'mini-Budget' was a disaster, leading to financial market panic due to uncosted tax cuts and promises of more reductions without OBR costing. This crisis, caused by the Government’s ideology, will be paid for by working people with higher mortgages and borrowing costs. In Enfield, Southgate, many are cutting back on essential groceries and worried about energy bills. The Prime Minister's broken promise of no public spending cuts further exacerbates existing issues in public services. The UK's international reputation has been damaged, and the economic credibility ruined.

Paul Bristow Con

Peterborough

Economic growth is a good thing, but there are challenges. Paul highlights low pay as the first challenge and emphasises the need for investment in R&D and retraining to create high-skilled jobs. He mentions Peterborough's new university focusing on manufacturing and engineering and the levelling-up fund investment. The second challenge is tax: while he recognises public spending commitments, he asserts that economic growth can address higher taxes over time. Lastly, he stresses the importance of positivity in promoting business and entrepreneurship for future prosperity.

Sarah Olney Lib Dem

Richmond Park

Criticises the Conservative Government's lack of a real plan for growth after the mini-budget crisis. She points out that the UK economy is facing tough market conditions, exacerbated by the Government's policies which have led to financial instability and higher borrowing costs for small businesses. Olney argues for a focus on tackling labour shortages through investment in youth and skills development, driving green investments, and rebuilding trade post-Brexit. She highlights the need for benefits to be increased with inflation and criticises the failure to tax excess profits from oil and gas companies.

Tahir Ali Lab

Birmingham Hall Green and Moseley

The Government's economic plan has led to a severe downturn, with high inflation at 10.1%, rising energy prices, and unsustainable property costs. In Birmingham, Hall Green, child poverty is exceptionally high at 52.9% and food bank assistance for children reaches alarming levels. The unemployment rate stands at 11.4%. Private companies like Royal Mail have profited while public services suffer from underinvestment. The Labour Party argues that this situation reflects a moral crisis driven by greed.

Janet Daby Lab

Lewisham East

The Government's economic mismanagement has resulted in increased food bank dependency and child poverty, with many self-employed individuals suffering during the pandemic. The recent mini-Budget led to a financial crisis, impacting mortgage rates and rents. Constituents face rising costs for essentials like rent and utilities. Labour proposes solutions including a national energy company to lower bills, boost job security, promote fair pay, and address gender and ethnic minority pay gaps.

Matt Rodda Lab

Reading Central

The recent economic turmoil caused by the Government is unprecedented and has severely affected families and businesses. The impact includes increased mortgage costs, empty shops due to business closures, and worsening food bank usage in Reading and Woodley. There is a need for new leadership to address these issues effectively.

Sam Tarry Lab

Ilford South

The Government's economic policies have plunged the UK into a significant crisis, pushing many households below the poverty line and straining public services. The Chancellor is expected to introduce further austerity measures which will disproportionately affect working-class people. There is a call for strategic long-term investment in the economy instead of austerity cuts. Energy giants are set to make huge profits during this crisis, while ordinary households struggle to pay bills. A single publicly owned energy company should be considered to ensure affordability and accountability.

Beth Winter Lab

Cynon Valley

The cost of living crisis in Wales is worsening with nearly 90% of surveyed constituents feeling worse off than a year ago, many planning significant cuts to heating. The mini-Budget caused economic chaos and ideological tax handouts for the wealthy. The Chancellor's agenda of public spending cuts is an attack on working-class people’s living standards. There is a need for fair funding in Wales and inflation-proofed pay rises for public sector workers. Wealth must be better distributed, and taxation shifted towards those who can afford it. Trade unions are organising coordinated action over pay and terms.

Pat McFadden Lab

Wolverhampton South East

The Opposition has expressed significant concerns over the impact of recent economic policies. The debate saw a sharp critique of the mini-Budget and its aftermath, emphasising how it led to a run on the pound, increased gilt yields, emergency interventions from the Bank of England, and higher mortgage rates. McFadden underscores that these issues were self-inflicted rather than due to external factors. He also criticises the Prime Minister’s ideological stance and her handling of the crisis.

James Cartlidge Con

South Suffolk

Cartlidge questioned Labour's plans for funding energy support, suggesting that it would primarily rely on borrowing despite promises to utilise windfall taxes. This intervention aims to highlight inconsistencies in Labour’s economic proposals.

Toby Perkins Lab

Chesterfield

Perkins asserts that the Prime Minister's current leadership is merely a temporary phase until the Conservative Party can find an excuse to remove her, indicating deep dissatisfaction with the political direction and handling of recent economic issues.

Edward Argar Con

Melton and Syston

Closes the debate on behalf of the Government, highlighting economic stability as crucial for the wellbeing of constituents. Acknowledges that decisions may be difficult but necessary for sustainable growth. Emphasises the importance of prioritising the needs of the most vulnerable and cutting taxes sustainably to support further economic growth.

Simon Hoare Con

North Dorset

Welcomes the Minister's pragmatism, calling for good, old-fashioned Tory pragmatism and common sense to be at the helm of Government policy.

Pat McFadden Lab

Wolverhampton South East

Raises a point of order regarding the motion passed by the House calling on the Government to publish Office for Budget Responsibility forecasts and estimates of windfall profits from energy producers immediately.

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Economic Responsibility and a Plan for Growth

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