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Ways and Means - Financial Statement
27 October 2021
Lead MP
Rishi Sunak
Debate Type
Ministerial Statement
Tags
TaxationEmploymentBusiness & TradeBenefits & Welfare
Other Contributors: 3
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.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Government Statement
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.
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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