Commons Sense

House of Commons · Ministers' Questions

Economic Growth Forecasts: 2024 and 2025

Tuesday 6 February 2024 · 3 questions

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

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 2 Not answered 0

Key points

  • Christine Jardine asked about the implications of economic growth forecasts for 2024 and 2025 on government policies.
  • The Chancellor stated that the government's measures will increase GDP by 0.5% by 2028-29 according to the Office for Budget Responsibility.
  • Jonathan Gullis inquired if the Chancellor had reviewed the New Conservatives' budget proposal focusing on growth measures.

Topics (select to filter)

Questions & Answers

Q1 Christine Jardine Lib Dem Edinburgh West
Economy
Context

The UK economy is facing slower growth than previously anticipated, with the International Monetary Fund predicting second-worst G7 growth for next year. The SNP has increased taxes in Scotland.

Question

What recent assessment has been made of the implications for government policies given the economic growth forecasts for 2024 and 2025? Will the Chancellor reassure businesses and households about future economic growth?

Answer from Jeremy Hunt

The government has announced 110 growth measures in the autumn statement, which together with spring Budget measures will have the biggest impact on output ever measured by the Office for Budget Responsibility, increasing GDP by 0.5% by 2028-29.

Partly answered

Not addressed: The Chancellor did not provide reassurance about upcoming economic growth or address specific concerns raised.

How: May I Gently Correct The Hon. Lady On The Imf? It Said That Over The Next Four Years, Uk Growth Will Be Higher Than In Germany, France, Italy And Japan.

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Q2 Christine Jardine Lib Dem Edinburgh West
Economy Taxation
Context

The UK economy is predicted to have the second-worst growth in the G7 next year, with Scotland facing higher taxes from the SNP.

Question

Given slower economic growth forecasts, will the Chancellor outline specific measures to give confidence to people across the country about future economic growth?

Answer from Jeremy Hunt

The hon. Lady's information on IMF predictions is incorrect; over four years, UK growth will exceed that of Germany, France, Italy, and Japan. The Chancellor criticises SNP tax rises but also mentions Liberal Democrats' proposed tax increases.

Not addressed: The question about specific measures to reassure people was not addressed; instead, the Chancellor discussed IMF predictions incorrectly and criticised other parties' policies.

How: May I Gently Correct The Hon. Lady On The Imf?, I Agree About Snp Tax Rises, But I Point Out That The Liberal Democrats Have Some Tax Rises Of Their Own.

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Q3 Jonathan Gullis
Economy Taxation Business & Trade
Context

The New Conservatives propose a budget plan aimed at helping small, family-run businesses.

Question

Has the Chancellor had the opportunity to review the New Conservatives' budget proposal that focuses on growth and includes measures like increasing the VAT registration threshold and abolishing IR35 reforms?

Answer from Jeremy Hunt

The Chancellor discusses with colleagues, including the hon. Friend who proposed increasing the VAT threshold. They look seriously at measures that support small businesses.

Partly answered

Not addressed: Did not provide specific steps or commitments to implement suggested reforms.

How: We Will Look Seriously And Carefully At Any Measures That Help Small Businesses.

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