Economic Stability 2022-11-15
2022-11-15
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The MP is concerned about the sustainability of UK's public finances in light of inflation and economic challenges.
What steps are being taken to ensure sustainable public finances?
Inflation is the enemy of stability, and this Government have acted decisively to bear down on it. This includes the energy price guarantee which will take up to 5% off the headline rate.
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Assessment & feedback
Hedging Language
Response accuracy
Q2
Partial Answer
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Context
The MP is addressing the need for long-term economic certainty to support business investment and growth.
Will the package announced on Thursday provide a period of certainty that allows businesses to plan and invest?
My hon. Friend is right; having run a business myself, I know that certainty and stability give confidence to invest. The package on Thursday will include our plan for growth over the next five years as well as our plan for stability. We want to reassure him that wealth is created by businesses.
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Assessment & feedback
Hedging Language
Response accuracy
Q3
Partial Answer
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Context
The MP is questioning the government's commitment to reducing national debt and passing on financial burdens to future generations.
Does the Chancellor share the Prime Minister's commitment to not allowing national debt to spiral and will he use his statement to set out a pathway for debt reduction?
My hon. Friend is correct, Margaret Thatcher said that there is nothing moral about spending money you do not have. The current debt-to-GDP ratio is 98% and we are currently spending £22 billion more on debt interest than last year.
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Assessment & feedback
Hedging Language
Response accuracy
Q4
Partial Answer
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Context
The MP is questioning the Chancellor's understanding of why the UK's economic growth has been below average compared to other countries.
Why does the Chancellor think that our growth rate since 2010 is just 1.4%, lower than OECD and many G7 countries?
What the public knows is that unemployment is at its lowest level in nearly half a century under a Conservative Government.
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Assessment & feedback
Growth rate comparison and reasons for low growth
Changing Subject
Response accuracy
Q5
Partial Answer
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Context
The MP is concerned about the impact of energy and food inflation on schools, local authorities, and their sustainability.
Will the Chancellor ensure that his announcement does not push additional financial burdens onto council tax for already struggling areas?
I hear what the hon. Gentleman says. We are going to be asking everyone to contribute more, but those with higher means will contribute even more. This will reflect in our decisions on council tax and other taxes as well.
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Assessment & feedback
Hedging Language
Response accuracy
Q6
Direct Answer
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Context
The MP is asking the Chancellor to confirm plans to protect people who have taken out unaffordable mortgages.
Will imaginative plans be brought in to protect people who took out mortgages and now find them unaffordable?
I can confirm that I intend to meet a group of lenders later this month to discuss plans to support those in mortgage difficulty.
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Assessment & feedback
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Q7
Partial Answer
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Context
The MP is concerned about ensuring that small businesses are not overlooked in the Chancellor's fiscal strategy.
Will the Chancellor ensure that small and medium-sized enterprises across the UK, which provide employment opportunities, are supported?
We must remember that often insidious taxes on businesses can make them go under. We will think carefully about their needs.
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Assessment & feedback
Hedging Language
Response accuracy
Q8
Direct Answer
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Context
The MP is questioning the Chancellor about his predecessor's economic plan and when he realized it was a recipe for disaster.
At what point did the Chancellor realize that his predecessor's plan was leading to an economic disaster?
I reversed most of those measures within three days of becoming Chancellor, showing prompt action on changing policies.
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Assessment & feedback
Response accuracy
Q9
Direct Answer
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Context
The MP is questioning the Chancellor on the reliability and accuracy of forecasts from the Office for Budget Responsibility.
Does the Chancellor agree that OBR forecasts are as accurate or inaccurate as any other economic forecast?
We know all economic forecasts are inaccurate, but it does not mean better not to have a forecast. The OBR's forecasts are more accurate than previous Government forecasts.
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Assessment & feedback
Response accuracy