Commons Sense

House of Commons · Ministers' Questions

Economic Stability

Tuesday 15 November 2022 · 9 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 3 Partly answered 5 Not answered 0

Key points

  • Inflation is the enemy of stability, and the Government has acted decisively to address it, including an energy price guarantee.
  • The Chancellor's package announced on Thursday includes a plan for growth over the next five years and a plan for stability to reassure businesses.
  • The current debt-to-GDP ratio is 98%, and the Government is spending 22 billion more on debt interest than last year.

Topics (select to filter)

Questions & Answers

Q1 Laura Farris
Economy
Context

The MP is concerned about the sustainability of UK's public finances in light of inflation and economic challenges.

Question

What steps are being taken to ensure sustainable public finances?

Answer from Jeremy Hunt

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.

Partly answered

How: Hedging Language

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Q2 Ben Everitt
Economy Business & Trade
Context

The MP is addressing the need for long-term economic certainty to support business investment and growth.

Question

Will the package announced on Thursday provide a period of certainty that allows businesses to plan and invest?

Answer from Jeremy Hunt

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.

Partly answered

How: Hedging Language

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Q3 Laura Farris
Economy
Context

The MP is questioning the government's commitment to reducing national debt and passing on financial burdens to future generations.

Question

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?

Answer from Jeremy Hunt

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.

Partly answered

How: Hedging Language

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Q4 Seema Malhotra Labour (Co-op) Feltham and Heston
Economy
Context

The MP is questioning the Chancellor's understanding of why the UK's economic growth has been below average compared to other countries.

Question

Why does the Chancellor think that our growth rate since 2010 is just 1.4%, lower than OECD and many G7 countries?

Answer from Jeremy Hunt

What the public knows is that unemployment is at its lowest level in nearly half a century under a Conservative Government.

Not addressed: Growth rate comparison and reasons for low growth

How: Changing Subject

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Q5 Chris Bryant Lab Rhondda and Ogmore
Economy Taxation Local Government
Context

The MP is concerned about the impact of energy and food inflation on schools, local authorities, and their sustainability.

Question

Will the Chancellor ensure that his announcement does not push additional financial burdens onto council tax for already struggling areas?

Answer from Jeremy Hunt

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.

Partly answered

How: Hedging Language

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Q6 Julian Lewis Con New Forest East
Economy Housing
Context

The MP is asking the Chancellor to confirm plans to protect people who have taken out unaffordable mortgages.

Question

Will imaginative plans be brought in to protect people who took out mortgages and now find them unaffordable?

Answer from Jeremy Hunt

I can confirm that I intend to meet a group of lenders later this month to discuss plans to support those in mortgage difficulty.

Answered
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Q7 Gregory Campbell DUP East Londonderry
Economy Employment Business & Trade
Context

The MP is concerned about ensuring that small businesses are not overlooked in the Chancellor's fiscal strategy.

Question

Will the Chancellor ensure that small and medium-sized enterprises across the UK, which provide employment opportunities, are supported?

Answer from Jeremy Hunt

We must remember that often insidious taxes on businesses can make them go under. We will think carefully about their needs.

Partly answered

How: Hedging Language

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Q8 Peter Grant SNP
Economy
Context

The MP is questioning the Chancellor about his predecessor's economic plan and when he realized it was a recipe for disaster.

Question

At what point did the Chancellor realize that his predecessor's plan was leading to an economic disaster?

Answer from Jeremy Hunt

I reversed most of those measures within three days of becoming Chancellor, showing prompt action on changing policies.

Answered
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Q9 Kit Malthouse Con North West Hampshire
Economy
Context

The MP is questioning the Chancellor on the reliability and accuracy of forecasts from the Office for Budget Responsibility.

Question

Does the Chancellor agree that OBR forecasts are as accurate or inaccurate as any other economic forecast?

Answer from Jeremy Hunt

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.

Answered
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