Refinitiv Newscasts - British PM Liz Truss takes questions in parliament 1

Global Power Solutions

12/10/2022 15:12

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Description: British Prime Minister Liz Truss takes questions in parliament
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>> Colleague, the Secretary of State for the DWP, to support the benefits
because he hasn't been clear about who I'm representing. >> Growth plan shows
that advancing the corporation tax increase will cause 68 billion pounds over
the next five years. Governor caused 11 crisis that he intends to stay against
for or against a 68 billion pounds subsidy. >> Thank you, Mr. Speaker. On the
corporation tax, I think he's probably aware that this government has
committed to Scotland across the whole rest of the United Kingdom. Why have I
said so Mr. Speaker? Something that's often missed is what this government has
delivered on top of the recently announced energy price gap [inaudible
00:00:43] I just want to see 1,500 pounds support, and low-income pensioners
households receiving disability benefits will receive 1,650 pounds support on
top of the energy price guarantee. Which will mean that typical household will
pay no more than two-and-a-half thousand pounds on their energy bills. >>
Other sectors, really pizzicato [inaudible 00:01:01] has created a financial
crisis made in Downing Street, but paid for by working much worse off Scottish
households will be as a result of this, Chancellor's was disastrous actions.
>> Thank you, Mr. Speaker, and I welcome the honorable gentleman to his place
and put in place means that actually those are the [inaudible 00:01:36]. >> In
2017 Nicholas Sturgeon announced the National Energy Company for Scotland five
years on we're in an energy crisis, and that plan has been ditched. Does he
agree with me that the right way forward is through labor's plan for great
British energy, a homegrown, publicly owned company run for, and by the people
in this country, and for the interests of people in this country? >> Honorable
member is absolutely correct to point out the Scottish government's commitment
back in 2017 to have by now created a nationalized energy company in Scotland.
That's not something that's happened. Quite frankly, I don't think it should,
and neither do I think Labor's plans should be implemented either. >> I said
please pose Samurai Jack. >> Thank you, Mr. Speaker. The first mini-budget by
this government required two bank of England interventions just to stabilize
the economy. It tied upon, and it massively worsens the already brutal cost of
living cases your constituents are facing. When the minister confirmed that as
Scotland's representative in cabinet, any future either make full of cuts to
the Scottish budget or it's public sale. >> Well, on top of the already record
increased block grant to 41 billion that the Scottish Government has already
received, measures announced in the fiscal statement by the chancellor
recently actually means hundreds of millions of extra money going to the
Scottish government. As I said to her honorable friend earlier is for the
Scottish government to decide whether to spend that on tax cuts or increased
spending? >> Mr. Speaker, after 12 years of austerity which has caused an
excess of 300,000 deaths in the UK. That's story government have caused the
public billions and given dodgy COVID context to the house. They`re scrapping
the banker's bonus cap. They forced the hub brakes are on Scotland against
their will, they mind helping the richest people in the country on the backs
of millions of people chosen between hitting and eating. Can I ask the
minister is it genuinely a surprise to him and his colleagues to discover why
most people in Scotland, do to test the tool department and their values? >> I
want to say, Mr. Speaker, I'm disappointed that the honorable member chooses
to double down on the heat-filled language of her party leader. But I would
repeat again, the Scottish Government has received a record amount of block
grant funding since devolution began, of 41 billion pounds. All the other
measures that people in Scotland, land businesses across Scotland will benefit
from, particularly those in the most vulnerable households and on the lowest
incomes, will benefit from the measures this government has taken. >> Weston.
>> Thank you, Mr. Speaker. The government's recently announced energy price
guarantee will support households with their energy bills across the whole
United Kingdom, including in Scotland. This decisive action will save the
typical household at least 1,000 pounds a year for the next two years. >>
About Weston. Thank you. Mr. Speaker. It's just following up on the question
made by my right honorable friend earlier about the Scottish government's
decision to abandon its plan. Can he just confirm what does discussions the
ministers had with his Scottish counterparts about ensuring Scotland's
renewable potential directly benefits both the people of Scotland and the
people in the United Kingdom? Given the cost of renewable energy to the
consumer, is so much lower. >> As I've said earlier, Mr. Speaker, ministers in
the Scotland office discuss such matters regularly with our colleagues and
other government departments. Energy policy, as I'm sure the honorable member
will understand, is as a result policy, but we do endeavor to work
constructively with the Scottish government on everything that can have an
impact on the livelihoods of people and communities in Scotland, as well as
those of businesses. >> [inaudible 00:06:04] to list with. >> Thank you, Mr.
Speaker. One of the most critical ways of reducing domestic energy cost in
Scotland is by supporting renewable energy generation and carbon reduction
efforts. As I've raised it this dispatch box before, the UK government chose
to sideline the Acorn Carbon Capture, and storage project in the northeast of
Scotland, and the Scottish Government has refused to provide financing either.
The Secretary of State may be interested to hear that labor has put forward as
a fully costed plan to invest in Britain's infrastructure. That includes
providing the funding for the Acorn project. Will the Secretary of State
encourage his cabinet colleague [inaudible 00:06:57]. >> Start the question
again because I couldn't take it. >> Well, I believe the Secretary of State
and the minister may have heard the first part of the question. What I would
do is conclude by asking the Secretary of State to encourage his cabinet
colleagues to look again at how the carbon capture and storage project can be
supported to get underway as a matter of urgency. >> As honorable lady may be
aware, the Acorn cluster looms large in my own constituency, so I have nothing
but the greatest support for that project. I can also assure the honorable
lady and the rest of the house that this government has also stood firm behind
that particular project, having invested 41 million pounds in that project
directly, as well as the project itself being the reserve cluster in the track
one sequence. Track two sequencing for carbon capturing storage across the
United Kingdom is coming soon, I'm told, and I look forward to that
announcement with great interest. >> Right, so that completes Scottish
questions. Before we call the Prime Minister, I would like to point out the
British Sign Language Interpretation proceedings is available to watch on
Prominent live TV. We now start with questions to Prime Minister [inaudible
00:08:24]. >> Number one Mr. Speaker. >> Mr. Speaker. Mr. Speaker, this
Saturday marks the first anniversary of the senseless murder of our friend Sir
David Amess. David was a superb parliamentarian. He brought colleagues across
this house together on a huge range of issues. He represented the best of
Parliament as a devoted champion of his constituency. Our thoughts are with
his wife Julia and his five children. As well as the people of Southend, which
now stands tall as a city in testament to David's tireless work. Mr. Speaker
this morning I had meetings with ministerial colleagues and others and in
addition to my duties in this house, I shall have further such meetings later
today. >> I knew Sir David and I share the Prime Minister's sentiments
completely. Speaking of the markets and increasing the cost of borrowing and
increasing the cost of mortgages, was almost certainly an active gross
incompetence rather than malevolence. But going back home on the commitments
to end no-fault evictions, is an act of extreme colors. Can the Prime Minister
reasure the 11 million private renters in this country that she will carry out
the commitments to get rid of no-fault evictions. >> I can. >> Thank you Mr.
Speaker. On a recent visit to the children's ward at York Hospital, I was
shocked to learn that pediatric waiting time targets are the same as that of
adult patients. So as we know, any delay to treatment for young patients can
have a damaging effect on development and their future prospects. So can I ask
the Prime Minister to look at this as a matter of urgency. >> Well, I'm very
sorry to hear about the situation for young people at York Hospital. And I'm
pleased to say that this is an issue that my Right Honourable friend the
Health Secretary is focused on in her plan for patients. We are making sure
that people can access treatment as soon as possible. We're delivering record
staffing numbers and putting in place record levels of that too. >> The Leader
of the Opposition, Keir Starmer. >> Thank you Mr. Speaker. Can I join with the
Prime Minister on her comments about Sir David, as she spoke to the whole
house when she made those comments. And I know how deeply his loss was felt on
the opposite benches and we extend our best wishes across at this important
time. Mr. Speaker, I also want to send my heartfelt condolences to the
families of all those who tragically lost their lives in Creeslough last week.
Donegal is a special place to me and my family and across this house. The
people there are in all of our thoughts. Mr. Speaker this morning, the
Business Secretary told the TV studios, arguing that the turmoil in the
markets has nothing to do with her budget. Does the Prime Minister agree with
him? >> Yes or no? >> Well, Mr. Speaker, what we have done is we have taken
decisive action to make sure that people are not facing energy bills of
£‎6,000 for two years. And I think we remember the opposition is only
talking about six months. We've also taken decisive action to make sure that
we are not facing the highest taxes for 70 years in the phase of a global
economic slowdown. And what we're making sure is that we protect our economy
at this very difficult time internationally. And as a result of our action,
Mr. Speaker and this has been independently collaborated, we will see higher
growth and lower inflation. >> Mr. Speaker, avoiding the question, docking
responsibility, lost in denial. No wonder investors have no confidence in her
government. And this is why it matters. A few weeks ago Zack and Rebecca from
Wolverhampton were all set to buy their first home, then the government's
borrowing spree sent interest rates spiraling and their mortgage offer was
withdrawn. I met them last week. They're back to square one, unable to buy,
devastated, sick to the back teeth with excuses and blame shifting. Just a
premise to understand why Zack and Rebecca are completely furious with her. >>
Prime Minister. >> Mr. Speaker. The fact is that when I came into office,
people were facing energy bills have up to £‎6,000 a year. Well, I'm
sorry. Mr. Speaker the party opposite are shouting, but he is opposing the
very package that we brought in in energy price guarantee. >> Exactly. >> That
was the major part of the mini-budget that we announced. And Mr. Speaker, he
has refused to confirm whether or not he backs our energy price guarantee for
two years. Which protects families not just this winter, but next winter. What
we're saying Mr. Speaker is, we are seeing interest rates rising globally.
They are rising globally in the face of Putin's appalling war in Ukraine. And
what we are doing is helping people with lower stamped duty, helping people
with their energy costs, reducing inflation with our energy package and
keeping taxes low. And I noticed that the honorable gentlemen had a baskin
conversion last night when he backed all call to National Insurance. >> Mr.
Speaker the economy is in turmoil, people are really worried. This is really
not a time of descent into absolutely nonsense attacks about last night. There
is no point trying to hide it, everyone can see what has happened. The
tourists went on a borrowing spree, sending mortgage rates through the roof,
they are skyrocketing by £‎500 a month. And for nearly 2 million
homeowners, their fixed rate deals are coming to an end next year. They're
worried sick and everybody in this house knows it. They won't forgive, they
won't forget and nor should they. When will she stop ducking responsibility,
do the right thing and reverse our kamikaze budget, which is causing so much
pain? >> Mr. Speaker, last night the Labor Party supported for the entire
National Insurance. >> I will say, the Prime Minister I'm sorry if their own
party doesn't, but I certainly do. >> Mr. Speaker, I'm genuinely unclear about
what [inaudible 00:16:16]. >> I think we don't want an early buffer at this
stage, the World Cup is coming, don't start it too soon, so just let's hear
the questions and certainly the answers. Prime Minister. >> Mr. Speaker, I'm
genuinely unclear as to what the Labor Party's policy is on our energy price
guarantee. It was the biggest part in our mini budget, all the opposition
saying they want to reverse it and they want to see people facing energy bills
of 6,000 pounds. Is that what he's saying? >> Yes, Dhamma. >> Mr. Speaker, the
primacy knows very well that on this side, we voted against the national
insurance in the first place. She voted for him. Who's taking the u-turn?
Honestly, last year the Prime Minister was forced to u-turn on her unfunded
tax cut for the super wealthy. This week, she's beginning to realize that she
needs to extend the windfall tax, one step behind the CEO of Shell. But she's
still going ahead with 18 billion pounds of tax cuts for the richest
businesses and they didn't even ask for it. She's still gift-wrapped a stamp
duty cut for landlords, just as renters feel the pinch. And she's still
holding out tax cuts for those who live off stocks and shares. Why does she
expect working people to pick up the bill for her unfunded tax cuts for those
at the top? >> Yes. >> I noticed that the leader of the opposition is still
not saying whether or not he supports our energy price guarantee. This is very
irrelevant, Mr. Speaker, because it is the biggest part of our mini budgets.
The fact is the whole opposition have said is that people should be supported
for six months. Does he think that in March, pensioners should be facing very
high energy bills? Because that's what will happen if he doesn't support our
energy price guarantee. >> Mr. Speaker, she's not even attempting to answer
the questions now, but gently remind her that the idea of freezing energy
bills was a labor idea which she then took on. During her leadership contest,
the Prime Minister said, and I quote exactly, "I'm very clear. I'm not
planning public spending reductions." Is she going to stick to that? >> Yeah.
>> Absolutely. Mr. Speaker, we're spending almost 1 trillion pounds of public
spending. We were spending 700 billion back in 2010. What we will make sure is
that over the medium term, the debt is falling. But we will do that not by
cutting public spending, but by making sure we spend public money well, and
the honorable gentleman talks about our spending which he doesn't seem to
support on the energy price guarantee. But the reality is we can't criticize
as on one-hand for spending money on the other hand, claiming we're cutting
public expenditure. >> If I can share, I hope they listen very carefully to
that last answer, because other people have listened very carefully to it. Who
voted for this? Not homeowners paying an extra 500 extra on their mortgages.
Who voted this? Not working people paying for tax cuts to the largest
companies. Who voted for this? Not even most of the MPs behind her who know
you can't pay for tax cuts on the never. Does she think to shapen the public
will ever forget the conservative party if they keep on defending this madness
on go ahead with a Kamikaze budget? >> Mr. Speaker. What our budget has
delivered is security for families for the next two winters. It's made sure
that we get to see higher economic growth, lower inflation, and more
opportunities. The way that we will get our country growing it's through more
jobs, more growth, more opportunities, not through higher taxes, higher
spending, and his friends in the union, stopping hard working people get to
work. >> [inaudible 00:21:31] come on show. >> Thank you, Mr. Speaker, I want
to see growth and jobs in East **** and I believe an investment zone could
help this. Would the Prime Minister back the Honorable member for North ****
and myself, who are supporting a zone for Liz Court and Pokemon area? >> I
want to see more jobs, more opportunities, more homes for local people in
Colombo. And I know that's what my honorable friend is working towards with
her colleagues, and I'm delighted we're bringing forward these investment
zones that are going to give those opportunities to local people. >> Now I
come to the leader of the assembly, Ian Blackfoot. >> Thank you, Mr. Speaker,
Can I associate myself with the remarks of the Prime Minister on the model of
David Amason a year ago and thoughts and prayers very much with Julia and his
family, and of course, we think very much of those interest that have been
caught off and the head of a tragedy there as well. I would have hoped it as
the Prime Minister is making public spending commitments today that she would
have said that those that rely on Social Security benefits will get the
benefits of rooted in length with it. Mr. Speaker, when the Prime Minister
last stood at this patch box, the average two year fixed rate mortgage stood
at 40.5%. They're now at 6.5% and rising hitting up average families with an
extra 450 pounds a month and mortgage payments every single month, over and
above what they've appeared, 37 days into the job this is literally the cost
of the Prime Minister's incompetence. It's just the price households are
paying and all because of the chancellor that she chose, but she's not give up
her desperate plan to save her chancellor skin by scapegoating the Governor of
the Bank of England. >> Yeah. >> Mr. Speaker, the action we have taken has
meant that families in Scotland and across the United Kingdom are not facing
gargantuan energy bills. What the honorable gentlemen and his friends in
Scotland could do to help us out is build a nuclear power stations [inaudible
00:23:50]. Help us get more gas south to the North Sea to help deliver on a
more secure energy future for all of our people. >> Mr. Speaker, if she wants
to ask us questions, we can swap places. But the reality is, Mr. Speaker, that
the Prime Minister is ignoring the damage of the chaos of the mini-budget.
She's worrying about saving the Chancellor's job, but many families are now
worried not just about heating their homes, but keeping that homes Prime
Minister. The scale of this Tory crisis is frightening. 100 thousands
households a month are up for mortgage renewals. People can't afford to pay an
extra 4.5 thousand pounds a year in interest and plenty had already fallen
behind. The Prime Minister and her Chancellor have completely lost control.
The only thing growing under this government are mortgages, rates, and bills.
Is that what she really meant when she declared herself a pro-growth Prime
Minister? >> We have taken action of helping families heat their homes. And
that's been very important, and I would love to see more support on delivering
the energy security we need. Interest rates are rising globally. That is a
fact. And interest rates are a decision for the independent Bank of England.
But I want to do all I can to help families across Britain. But the way we're
going to help them is by delivering economic growth, by making sure we have
the jobs and opportunities in Scotland and right across the UK. And what
independent forecasters have shown is that following our intervention,
economic growth is going to be higher than it would have been if we hadn't
acted. And that is vitally important for the jobs, the opportunities, and the
livelihoods, and helping make sure people are able to put food on the table.
>> Thank you, Mr. Speaker. The way navigation winds through the heart of
Guildford, and is a much-treasured part of our local environment, I welcome
the announcement by the Deputy Secretary last week, that the Environment
Agency will be able to increase fines on water companies for serious breaches
of the rules to up to £250 million per breach. Will my right honorable
friend confirm that no MP voted to discharge sewage into our waterways and
that it is beneath the opposition parties and their activist to keep repeating
this outright lie? >> Well, my honorable friend is absolutely right about our
support for cleaner water. And what we're doing about it, which the honorable
lady has asked from a sedentary position, is we have increased, and my right
honorable friend, the Deputy Secretary, has increased the fines for water
companies 100 times if they discharge sewage into waterways in an illegal way.
We've acted. >> Sir Jeffrey Donaldson. >> Thank you, Mr. Speaker. Can I
associate my colleagues and I with the remarks made about the tragic events in
Krishna in counting down a goal and our prayers continue to be with that
devastated community? Does the Prime Minister agree with me in welcoming the
renewed negotiations with the European Union about the Northern protocol, that
the outcome of those negotiations must reflect the objectives outlined by the
government in the Northern Ireland protocol bill, and this is the key to
unlocking the door to political stability in Northern Ireland? >> Well, I very
much agree with the honorable gentleman. We need to deliver for the people of
Northern Ireland. That means making sure that we have free-flowing trade
East-West as well as north-south. It means making sure that the people of
Northern Ireland can benefit from the same tax benefits as people in Great
Britain. And it means resolving the issues over governance and regulation.
Now, I would prefer to achieve that through a negotiated solution with the EU.
But if we're not able to do that, we can't allow the situation to drift, we
have to proceed with the Northern Ireland protocol Bill. >> Mary Robinson. >>
Thank you, Mr. Speaker. Addressing health inequalities is a key part of
leveling up. And so I welcome this week's news of 50 million pounds to fund
research into health disparities. We know poor health affects not only life
expectancy, but also prosperity and more wide economic resilience, and growth.
Therefore, would my right honorable friend consider a future expansion of
these research schemes to other parts of the North and the Greater Manchester
region to encourage more healthcare research partnerships between our great
universities and our local authorities? >> Well, my honorable friend is
absolutely right that this health research is vitally important. I know that
my right honorable friend, the Health Secretary, is looking at whether and
where the scheme can be expanded and we will be doing further commissioning
rounds to look at that issue. >> Joe Mcnally. >> Thank you, Mr. Speaker. Prime
Minister had a holiday check, I think, in Birmingham, you're pitching to the
quiet. Although the few MPs that were there appear to be singing from a
different song sheet. Prime Minister, your government is now outrageously
flooding with disaster; financially and socially. Just here, the increase in
mortgage repayments will dwarf the rise in hitting both. In your government,
who will you caught with the resultant increase in homelessness? >> I'm
responsible for sure, but I'm sure that Prime will take that on board. >>
Well, Mr. Speaker, what we have done as a government is we've acted decisively
to deal with the very tip of the energy crisis we're facing. We are facing a
severe energy crisis. We're also facing a slowdown in economic growth globally
due to Putin's war in Ukraine and not acting is not an option. >> [inaudible
00:30:22] >> Prime Minister, the energy price guarantee is a key part of the
growth plan, but too few businesses and households know about it, even if the
Labour Party doesn't support it. I urge you to have a nationwide mail-out
campaign to communicate what the government is doing to assess people on
reduction of energy, and more particularly, have a reduction of energy
campaign by the public service so that we don't go down the route of spending
too much on consumption. We reduce supply. >> Well, my right honorable friend
is absolutely right, and I know the energy secretary is working on a plan to
help companies and individuals use energy more efficiently. We're also working
on this across governments. I was delighted to speak to my friends yesterday,
and I hope we'll be able to start this going and dump it straight away. >>
[inaudible 00:31:17] >> Thank you, Mr. Speaker. During the lockdown, we
clapped them, and then we lid reach for healthcare staff who died on the front
line. And how quickly our nurses have gone from the country's here ruse to
this government's villains of other derisory, £72 a week pay rise and then
appended as millitants stop daring, having the audacity for bulletin for
industrial action for the first time in a century. Prime Minister, clubs don't
pay the bills and neither does £72 pay rise. Nurses are leaving the NHS and
the drugs feeling abandoned by this government. Surely, surely even the Prime
Minister agrees that the government does its priorities wrong. When
unsharpened affordances of the fungus, but at the same time, often the lively
pay rises to what treasure NHS stuff. >> First of all, can I say what a
brilliant job our fantastic nurses did across the country? The figures he's
creating are simply wrong. The independent Pay Review Body recommended a
£1,400 rise on average, and that is what the government's committed to
delivering. >> [inaudible 00:32:44] >> Following the loss of 27 lives last
winter in the channel, the UK government offered joint patrols to the French
on the beaches. Could my right honorable Prime Minister confirm that you
renewed this offer to President Macron when they met? And further that
there'll be no new money, no fresh agreement with the French unless they agree
to joint beach patrols and a joint security crossing across the channels to
bring an end to the small bouts crisis with good. >> Well, the Home Secretary
is committed to dealing with this very, very difficult issue of the small
boats in the channel. We do need to sort it out. We're committed to
legislating, and we're also committed to getting an agreement with the French
government. I did discuss it with President Macron last week and the home
secretary is following up. >> [inaudible 00:33:38] >> Thank you, Mr. Speaker.
Mr. Speaker, lady Christine Liam, MSP, and I are hosting our community drop-in
event on the cost of living crisis in Anglo Brad just will be a chance for
local residents to come and meet with a range of partners to get advice and
guidance and what they can do to help survive the current crisis. Can I send
an invite to the Prime Minister to come to this event and Friday so that my
constituents could ask her directly for real-life experience means to address
the cost rises that they are facing and so that she can apologize to them for
the disastrous decision for a government in the making? >> Well, I completely
understand that families are struggling and that is why this government acted
within a week of coming into office to put in place the energy price guarantee
so people aren't facing £6,000 bills. And that's why we've reversed the
increase in national insurance, that's why we're cutting basic rate tax to
make sure families are keeping more of their own money. And we're also making
sure that the most vulnerable households get an extra £1,200 of support. I
hope he is going to communicate that to his constituents. >> Thank you, Mr.
Speaker. Can I first thank Prime Minister for her warm words on today
[inaudible 00:35:00], who is sorely missed in this place. Small and
medium-sized enterprises are the lifeblood of our economy. And I warmly
welcome the expansion of the small businesses threshold. Does my right
honorable friend agree that only the Conservative Party is on the side of
enterprise., and  NOISES  to unleash the full potential of our great country?
>> We understand, in the Conservative Party, who pays our wages. And as the
people we get up every day and go to work, it's the businesses we set up.
Those are the people driving our economy, and we will be unashamedly
pro-growth, pro-business, and pro-opportunity. Rosie Cooper. >> Thank you Mr.
Speaker. My constituents were absolutely delighted that the fracking
application in West Lancashire was withdrawn after a moratorium was declared.
Since then, we've not seen any new scientific evidence that indicates fracking
would now be safe. Despite this, the government decided to reverse that
moratorium, committing to grant fracking licenses only in areas that have
local consent. I would be grateful if the prime minister would reassure West
Lancashire residents, my constituents, and please explain in detail, how
should you honor her statement, the fracking licenses, none of them will be
forced on communities that don't want it. >> Well, first of all, can I offer
my best wishes to your honorable lady, on her appointment as the chair of the
Mersey Care NHS Trust. I can absolutely assure her and colleagues around the
house that fracking will only go ahead in areas where there is local community
support. >> Thank you, Mr. Speaker. Two weeks ago, a bomb in Afghanistan
killed 35 girls and young women. They were Hazaras from the country's second
largest ethnic minority who are being massacred under the Taliban. Today,
outside Parliament, Hazaras from across the UK, including from my constituency
are gathering calling for international support to stop the slaughter, and
we're joined here today by representatives of the Hazara Council of Great
Britain. Will my right honorable friend, the Prime Minister, support the
Hazaras in trying to stop the killings and arrange for her ministers to meet
their representatives. >> Well, it is extremely concerning what is taking
place in Afghanistan, and I'm afraid the reversal of women's rights and
women's opportunities. One of the things we have done is make sure we're
restoring the aid budget for women and girls and I'm sure my the right
honorable friend, the Foreign Secretary, be very happy to meet the group and
discuss further. >> Daisy Cooper? >> Thank you, Mr. Speaker. The government's
botched budgets gave unfunded tax cuts to some of the richest companies,
whilst across the country, there are hospitals who worry that their roofs
might collapse at any moment. Hinchingbrooke Hospital, Frimley Park Hospital,
and Queen Elizabeth Hospital in the Prime Minister's own local area, these are
just three of a number of hospitals who together need hundreds of millions of
pounds, some of them urgently. Will the Prime Minister promise that every
affected hospital will be given the money they need to fix these dangerous
roofs in the next 12 months? >> Well, I do want to correct the honorable lady
because what we are doing is simply not putting up corporation tax. It's not a
tax cuts, we're just not raising corporation tax. I feel it would be wrong in
a time when we are trying to attract investment into our country, at a time of
global economic slowdown to be raising taxes because it will bring less
revenue in. The way that we are going to get the money to fund our National
Health Service, the way that we're going to get money to fund our schools, is
by having a strong economy with companies investing and creating jobs. >> I
fully support this government's growth agenda. Prime Minister would you agree
with me that this can be achieved while also protecting and restoring our
precious nature and ecosystems and working with our farmers so that we do meet
our legally binding target to restore nature by 2030. I know she understands
this, she has precious talk streams in her own constituency, and will she
agree that if we get this right, there will be more jobs, skills,
opportunities because every nation in the world depends on its natural
environment. >> Well, my honorable friend did a fantastic job promoting the
natural environment when she was at DEFRA. We are all getting to deliver
economic growth in an environmentally friendly way. What this is about, is
about improving the processes, and deliver better outcomes, both for the
environment whilst making sure we have a growing economy as well, and those
two things go hand in hand. >> Thank you, Mr. Speaker. The Prime Minister,
wants us to believe that fracking will reduce our energy bills but it was not
so long ago, that her Chancellor said that those calling for fracking's return
misunderstand the situation, and that no amounts of Shell gas will be enough
to lower the European price anytime soon. Prime Minister, is the chancellor
wrong about that? >> Prime Minister? >> We are pulling every lever to improve
our energy supply in Britain. Whether it's the north sea and opening up more
opportunity there, which the opposition won't venture against. Whether it's
fracking, whether it's more renewables, which I'm very supportive of. Whether
it's more solar panels in the right place, whether it's more nuclear power
stations, which are opposed by the SMP. We are doing everything we can because
we can never be in a situation again where we are dependent on authoritarian
regimes for our energy. >> Thank you, Mr. Speaker. Over the past weeks,
serious safe guarding failures by the children's charity mermaids have come to
light. Revelations with the charity said breast flattening devices to young
girls behind their parents back, promoted harmful medical and surgical
procedures to children. High to the trustee with links to pedophile
organizations. It's a digital engagement manager who posted pornographic
images online, including of himself dressed as a school girl. For years,
despite whistleblowers racing along, mermaids have had unfettered access to
vulnerable children. Does my right honorable friend agree, that it is taken
far too long for these concerns to be taken seriously? Does she also agree
that it is high time for a police investigation into the activities of
mermaids? >> It's very important that under 18's are able to develop their own
decision-making capabilities and not be forced into any kind of activity. What
I would say on the subject of the investigation she raises, of course those
matters should be raised and should be properly looked at. >> Sarah Olney? >>
Thank you very much, Mr. Speaker. For my constituents in Richmond Park and for
communities across southwest London, from Wimbledon to Enbridge, any expansion
of Heathrow would be disastrous. A third runway will see over six million more
tons of carbon pumped into the atmosphere every year and two million
households affected by increased noise levels. Last week, the transport
secretary said she supported Heathrow expansion. The Prime Minister has
previously stated she would support a fourth runway. Does the Prime Minister
standby her previous comments or will she rule out the government support for
construction of a third runway, Heathrow? >> Well, I absolutely agree with
what the transport secretary said in her comments. What we need to do is make
sure that industries like the air industry become more environmentally
friendly. Then I support the development of low-carbon technology in those
sectors. That's the way we will help grow the economy, but also serve the
environment. >> Virginia Crosbie. >> Thank you, Mr. speaker. I'm delighted to
hear the Prime Minister be such a champion for nuclear. My question is, when
will the mission and plan for Great British nuclear be announced? The market
needs the confidence to invest in new nuclear. Like Wilber in my constituency
of artists want to help us achieve net zero for our energy security and to get
thousands of high-quality jobs. >> Well, I can tell my honorable friends that
Great British nuclear will be set up this year and it will be bringing forward
new nuclear projects. I'm delighted about her support for Wilber, and to make
sure that we have nuclear power provided in Wales. I dislike to say it right
across the United Kingdom too you soon. >> [inaudible 00:44:20] >> Thank you,
Mr. Speaker. May I welcome her to her place. I'm not sure how you measure a
good honeymoon, Mr. Speaker. After five weeks of a crisis conceived in Downing
street of crashing pensions, interest rates rising, mortgage market turmoil,
and complete financial chaos, the country has been left wanting divorce. In
two recent polls, 60% of this country wants an immediate general election. The
Prime Minister claim she is in listening mode. You should give way to the
public. >> Mr. Speaker, I think the last thing we need is a general election.
>> That conclude Prime Minister's quest. Let the people leave. Lets us come to
the urgent question. I call Rachel Reeves, Shadow Chancellor of the Exchequer.
>> Thank you, Mr. Speaker, to ask the Chancellor of the Exchequer to make a
statement on the current economic crisis. >> Thank you, Mr. Speaker. The
Chancellor of the Exchequer, is in Washington having meetings with the IMF,
which have been routine meetings that have been long scheduled. >> Can I say I
know it's the first Wednesday but we're all excitable, a little calm so I
could hear the minister. Come on minister. >> Thank you, Mr. Speaker. Routine
meetings that have been long scheduled and certainly not a cause for
exuberance or over excitement from the benches opposite. Mr. Speaker, as we
know, the world has faced surging energy prices since Putin's illegal invasion
of Ukraine. We've seen very high inflation across the western world. And we've
seen a cycle of increasing interest rates as well across many western
economies. But let me reassure the house, the fundamentals of the United
Kingdom's economy remain resilient. Unemployment at 3.5% is the lowest it's
been in my lifetime. And to the record, I was born in 1976. Economic growth
last year, the calendar year 2021 was the highest of any G7 country, 7.5%. And
just yesterday, the IMF forecast that economic growth, GDP growth this current
year in the UK would be 3.6% once again, for the second consecutive year, the
highest of any G7 country. So our economy is in resilient condition. But I
know that many families are worried about the challenges we face. And that is
why just two or three weeks ago, we introduced the energy price guarantee.
Families were genuinely fearful that they might face energy bills this winter
of 3, 4, 5, 6, or even 7 thousand pounds per year. But that energy price
guarantee will ensure the average household sees energy prices no higher than
two-and-a-half thousand pounds on average, not for six months, like a labor
plan, but for two years. And we also introduced a growth plan to get our
economy growing, to see wages sustainably rising, to see good jobs created,
and to create a sustainable tax base to fund our public services. This
government has a growth plan, the opposition has no plan. But Mr. Speaker, we
intend to do this in a way that is fiscally responsible. And that is why on
the 31st of October, in less than three weeks time, the Chancellor of the
Exchequer will set out the medium-term fiscal plan, explaining to the house
exactly how he'll do that and how we will continue the UK's track record as
having the highest growth in the G7, not just last year, but this year as
well. >> Rachel Reeves >> Mr. Speaker, people are facing insecurity,
instability, and deep anxiety, and they deserve answers. Conservative economic
policy has caused mayhem with financial markets, have pushed up mortgage
costs, and put pension funds in parallel. And it's wiped 300 billion pounds of
the UK stock and bond markets, all directly caused by the choices of this
government. The mini budget just 19 days ago, was a bonfire made up of
unfunded tax cuts, excessive borrowing, and repeated undermining of economic
institutions. It was built and then set ablaze by Conservative Party, totally
out of control. Not disruptors, but pirate maniacs. And that fire has now
spread and yet government deny all responsibility. So will the minister tell
the house what guarantees will the government give that the currency slide
will stop and that people's pensions are safe. How do they expect people to
pay 500 pounds more a month on average on their mortgages. How many more
repossessions of family homes will it be if the government do not change
course? How much more is the government borrowing on debt interest because of
higher borrowing costs. One minister has desperately tried to blame global
conditions. Why is it that no other central bank in the world has had to step
in, in three times, in less than three weeks to protect financial stability.
The country now faces a very serious situation. Ahead of the ending of the
Bank of England's emergency operations this Friday, what action will the
government take to ensure that their budget doesn't have further consequences
for financial stability for people's pensions? Mr. Speaker, this is a Tory
crisis made in Downing Street but it is ordinary working people who are paying
the price. And it can only be resolved when the conservatives put aside their
pride and reverse this catastrophic mini budget, and they must do so now. >>
Well the Shadow Chancellor calls for a reversion or reversal of the growth
plan yet at the first opportunity last night, they voted for it. She asked
about mortgage rates. Let me point out to the Shadow Chancellor, the mortgage
rates around the world have been on an upward trajectory all year. And in
fact, if we compare base rates in the United Kingdom to the United States, she
will be aware that in both countries the base rate started this year at 0.25%.
In the UK, the base rate is currently 2.25, in the US, it is 3.2584 percentage
point higher. She referenced borrowing costs. She should be aware, I'm sure
she is aware that two year government bond yields are about the same in the US
as they are in the UK. The US bond yields have been going up in the course of
this year as well. She referenced the currency. The dollar has shown strength
against the basket of currencies throughout this calendar year. And if she
looks at the dollar strengthening against the Euro, it strengthened about 15%
this calendar year. It strengthened about 15% against Sterling. Very, very
similar figures. She asked about the cost of living as well. We are very
mindful of that. That is why Mr. Speaker we've introduced a 37 billion pound
package to help people. This proportionately targeted at people on lower
incomes. So the people on the one third of lower incomes receive 1,200 pounds.
That is why we've introduced on, I think the second or third day in office the
energy price guarantee, making sure people don't pay on average more than
two-and-a-half thousand pounds. Instead of facing bills of five or six
thousand pounds not for six months like the Labour Party offered, but for two
years. That's why the national minimum wage last April was increased by large
amount. That's why the National Insurance threshold was increased up to 12500
pounds in July. So people on low incomes now pay virtually no national
insurance or income tax. That's the package of measures that this government
has introduced because we stand on the side of working people and we've taken
the steps needed to support them. >> To the chair of the Select committee
[inaudible 00:54:43] >> My right honorable friend the chancellor was quite
right to have brought forward the date for the medium term plan and the OBR
forecast. He has, of course, a huge challenge now in landing those plans to
reassure the market. He has to get the fiscal rules right. He has come forward
with spending restraint to revenue raisers that are politically deliverable.
Given the huge challenges, there are many myself included the ability that it
is quite possible that he will simply have to come forward with a further
rowing back on the tax announcement that he made on the 23rd of September. So
could I ask my right honorable friend to confirm that, that possibility is
still on the table. >> I thank the Select Committee chairman for his counsel,
which I know the chancellor always listens to very carefully. Of course, the
Select Committee chairman, I think, suggested publicly that the date for the
medium-term fiscal plan should be brought forward along with others. And the
chancellor listened to the Select Committee chair and responded by bringing
forward the date from November the 23rd to October the 31st. There are not any
plans to reverse any of the tax measures announced in the growth plan. There
is, I think, a measure of consensus. Indeed, the Labor Party voted just last
night for the reduction in national insurance because we want to make sure the
UK is a competitive jurisdiction where companies and high potential
individuals who are internationally mobile choose to come to the United
Kingdom to locate and to grow. But we do, of course, as the Select Committee
chairman says, need to make sure we do this in a way that is fiscally
responsible to make sure that debt over GDP does fall in the medium term. And
the strategy, the plan will lay out exactly how that will be achieved to the
house in detail scored by the OBR on October the 31st. >> Third person,
spokesperson, Allison [inaudible 00:56:53] >> Thank you very much. Mr.
Speaker, he talks of the the IMF, but not the criticism yesterday or the
pathetic group they've projected for next year of just 0.3%. It's funny that
the Treasury Select Committee took evidence this morning from a range of
economists. All of them echoed the concerns of the public about the chaos, the
shambolic UK Tory government has created. I'm not sure if he considers
Deutsche Bank as part of his anti-growth coalition,  LAUGHTER  but their Chief
Economist, Sanjay Raja, this morning was very clear that the UK had particular
characteristics that was making this crisis worse. He said, "You've got a
sidelined fiscal watchdog. You've got the lack of a medium-term fiscal plan.
One of the largest unfunded tax cuts and package of measures since the early
1970s. And it's the straw that broke the camel's back." This is chaos that he
and his colleagues have deliberately created and it's impacting people and
businesses across these islands. So I ask him, will he bring more money to
devolved institutions to help them tackle the chaos that he and his colleagues
have created? Will he commit to admitting benefits by inflation and give more
support to those in the asylum system and those on no recourse to public
funds? Will he bring certainty to businesses who don't know yet what will
happen at the end of the six months reprieve because those bills have not gone
away? Mr. Speaker, Gospel Center for Population Health, published some
research that attributed around 336,000 excess deaths in 2010 to austerity.
Tory austerity by him and his colleagues over the past 12 years. So will he
cancel any further cuts because they cost Scotland and our neighbors far more
than we can ever afford. Scotland didn't want this, didn't vote for this and
can no longer trust in the financial stability of the UK. Never mind this Tory
Government. >> Can I just say, I have the greatest respect for honorable
[inaudible 00:58:46], but I would say she knows the rules is one minute, not
one minute 45 seconds or two, so please, let's stick to the rules of the
house. Minister. >> Thank you, Mr. Speaker. Well, the Scottish government, of
course, is receiving record levels of funding and that will continue. She
asked about excess deaths. Well, I think the drug death record of the
Nationalist government is frankly pretty terrible. She asked about the
operating to a welfare. There is a statutory process that happens every year,
every autumn, and that decision has not been taken. It'll happen in the normal
way as it has done for every year. She referenced the IMFs growth forecast for
next year. I've already pointed out that last year we had the highest growth
in the G7. This year we have the highest growth in the G7. And if you take the
three years together, last year, this year, and next year, you will find that
the UK had 11.7% over those three years. Still has, across the three years,
the highest growth of any G7 country. The chancellor, she asked about
institutions. The chancellor and the Prime Minister have the highest regard
for the OBOR and the Bank of England. They're meeting regularly with both of
those institutions. She referenced the growth plan are having a competitive
tax system, supply-side reforms to unleash the productive potential of our
economy and making our energy market function properly once again, are
essential prerequisites for growth. And I'm proud it's this government that
are promoting them. >> [inaudible 01:00:20] >> Thank you, Mr. Speaker. I'm
disappointed at the shadow chancellor who is a very good economist  NOISE  who
is accusing the government of causing problems for people's mortgage rates.
But my honorable friend, I'm sure will agree with me that one of the worst
things that can hit any economy is a wage price spiral as a result of huge
inflation. And so can you my honorable friend confirm to this house that the
action the government has taken to provide support to the economy, to provide
this huge input to energy prices will bring down headline inflation and
specifically make mortgage rates better than they would have been otherwise,
totally the opposite to what the shadow chancellor is saying. >> Absolutely.
>> Well, my right honorable friend, who of course has a very distinguished
professional track record in financial services is absolutely right. A range
of independent forecasters have confirmed that the energy price guarantee will
not only protect our constituents from high prices, it will also lower
inflation by about 5% compared to where it would otherwise have been, a vital
intervention. And while we're on the subject of inflation, it is worth keeping
in mind that inflation in continental Europe, in many countries is
considerably higher than it is in the United Kingdom. For example in Germany,
it is 10.9% and in Holland it's 14%  BACKGROUND . >> [inaudible 01:01:48] >>
Mr. Speaker, the minister has made great play of supporting people with their
energy bills, but businesses only get support until March. And the government
also put scrape play on creating growth. Many of the businesses in my
constituency, particularly hospitality businesses, with only a guarantee on
their energy bills until March, are making decisions in the coming weeks about
whether they will be able to stay open and continue to be employers. How does
that help growth and will you give them some guarantee from March onwards?
 BACKGROUND  >> Well the honorable lady raises questions about timeframes. Of
course, the labor proposal was only for six months for consumers and
businesses. And I didn't hear her criticizing that. The consumer offer is for
24 months, for two years. In relation to businesses, she is quite right. The
honourable lady is quite right. The business scheme is for six months, but the
government made a commitment back in September that within three months of
September, so within two months of now, further plans we brought forward to
explain to businesses and charities and indeed the public sector how they will
be handled after March of next year. And my right honorable friend , the
business Secretary will announce that to the house in the coming weeks. >>
Andrew Selous. >> Growing of tax revenues in a way that is sustainable, in
every sense of that word, is clearly massively important to pay for all the
things we care about. Will my right honourable friend reassure us that he does
get the significance of government borrowing costs and that he will make sure
that his Majesty's government does nothing that pushes those up unnecessarily
high compared with United States and Germany. >> Yes, my honorable friend is
making a very important and very reasonable point. And I've said already he
mentions comparisons with other countries. Of course, our two-year bond yield
is about the same as the United States and at the moment, but we are mindful
of the need to ensure reasonable borrowing costs, which of course means
financial responsibility. Our debt to GDP ratio today is the second lowest in
the G7. And my honorable friend the chancellor will be setting out in under
three weeks time October the 31st, precisely how he will be delivering fiscal
stability and fiscal responsibility in the years ahead. And I'm sure my
honorable friend, when he hears that statement, will be reassured and
comforted by it. >> Emma Hardy. >> Thank you. Mr. Speaker, earlier today we
were given evidence from the Treasury Select Committee, which was incredibly
sobering. All five of the economic specialists agreed that the UK's budget had
contributed. >> Honorable member, just come back and listen to another
question. You shouldn't just dash out. Please, Emma Hardy, sorry. >> Two
questions. >> Thank you, Mr. Speaker. As I was saying, earlier today, we had
evidence from the Treasury Select Committee where all five economists agreed
that the UK's budget has contributed to the current economic turmoil. With the
prime minister earlier stating there was going to be no budget cuts. And
further to the point for my friend, the chair of the Treasury Select
Committee, does the minister agree with Mohamed Aly El-Erian the chief
economic advisor of alliance who said yesterday, "I see no alternative, but
the government saying we will not cut taxes now." >> Minister. >> And well I
thank the honorable lady for her question. I've already set out how there have
be global trends over the last six or nine months in terms of higher energy
prices, higher inflation, and a cycle of increasing interest rates around the
globe. And in particular, I set out how the monetary tightening in the United
States at 300 basis points over the last nine months or 10 months, is
one-and-a-half times higher than the fiscal tightening in the United Kingdom,
which has been over the same period, 200 basis points. In relation to her
questions about balancing the books over the medium-term fiscal plan will set
that out. We do intend to control public spending, for example to stick
within, well let's listen to the answer, to stick within the SR 21 spending
limits. But I would point out to the house that those SR 21 spending limits do
see real terms increases over the three years but we are going to be sticking
with iron discipline to those spending limits and not increasing them. And
we'll also show spending restraint in the years ahead, but showing spending
restraint is different to real terms cuts. >> [inaudible 01:06:19] >> It's
very welcome. A few minutes ago, the chief secretary said that the effect of
sigma 31st of two would be to show that the chancellor was 100% committed to
fiscal responsibility. That is very welcomed to colleagues on all sides I
think.  BACKGROUND  It means that all the previous unfunded tax cuts will now
be funded in that statement. >> What the statement will set out in the round
is how we will get debt as a proportion of GDP falling in the medium-term.
That is the critical metric, and that is what the medium-term fiscal plan will
deliver. >> [inaudible 01:06:55] >> Thank you very much Mr. Speaker. Can I
just offer the chief secretary to the treasury some gentle advice. And if he
refuses to accept that the fiscal event on the 23rd has had any effect on
what's happened in the markets since, then that will not be reassuring for the
market. He needs to stop being in denial and admit that serious mistakes were
made. In Prime Minister's questions, there would be no public spending cuts.
And yet we know as a result of the fiscal event and the unfunded tax cuts,
that there's a 60 billion pound gap between the expenditure and the money
coming in. So no public spending cuts. That only leaves the reversal of the
tax cuts to balance the books, doesn't it? >> I've already explained in
response to a previous question that spending restraint is not the same as
real terms costs. We do not plan real-time costs, but we do plan. I'm
discipline when it comes to spending restraint. But the answers to our
questions will be set out in full at the physical statement, which will be
accompanied by a full OPR scoring and a set of OVR forecasts when all of these
questions will get very clearly answered. >> Thank you, Mr. Speaker. The
intervention of the Bank of England into both the gilt market and the
corporate bond market has alarmed many over the recent days, I'd be interested
in the chief secretaries view as to what is the treasuries assessment, of the
cost to the treasury and the fiscal position to the Bank of England's
interventions in those markets. >> Thank my honorable friend member for
Hejinian harp and Dan for his question. And it obviously depends on the prices
at which the Bank of England buy and sell bonds or gilts in the market. It's
worth observing that so far they've purchased considerably less by value of
guilts and the limits that were set out originally, so the volume of gilts
that they've gotten their balance sheet now is much less than the limits, but
he asked has questioned about fiscal cost, that if there is any fiscal cost
and that will depend entirely on market prices. >> Walmart though. >> Thank
you Mr. Speaker two days before the budget, a young constituent of mine had
hoped to buy her home through shared ownership. She was offered a mortgage at
4.28 interest by the Halifax. A day after the statement, the offer was
withdrawn and it has rocketed for a two year fixed rate deal to 6.9%. That's
150 pounds a month more overnight, because of the government's unfunded
giveaways to people on over 150 grand per year. What would be his advice to my
constituent? Should she take the deal or would he agree with this morning's
panel of experts at the Treasury select committee that she should not go near
it, because house prices are about to plummet. >> Obviously not going to offer
individual financial advice to constituents. What I would say what I would say
is there are around about 2,300 mortgage products currently on the market. I
would say we are very keen as a government to help first-time buyers,
particularly younger first-time buyers in their 20s and 30s, which is why
stamp duty is being caught for cheaper purchases and in particular, the
threshold for stamp duty for first-time buyers is being raised, I think from
memory to 425,000 pounds, which particularly helps when it comes to putting
together a deposit. Basic calls deposits can't be mortgage funded. In addition
to that, we want to help people with the broader cost of living pressures,
which obviously makes it easier to find money to fund mortgages. That's what
the energy price guarantee is designed to do. It will lower tax rates in
general designed t do including the tax rates that the labor, but let's catch
reductions rather, the labor party voted for yesterday, it's what the cost of
living package is designed to do, the 37 billion pounds. So by helping the
cost of living in general, we are obviously making mortgage costs a little bit
easier to meet. >> Thank you, Mr. speaker. The UK's economy is positioned as
being the fastest growing in the G7. In spite of the noises Off, they further
stated that the recent fiscal changes will add further to growth projections.
That in addition to the record low unemployment data that has been highlighted
this week. But does my right honorable friend agree that further changes need
to be made in terms of supply-side reforms, which will continue the momentum
in the growing economy that will result in real jobs in my constituency and
right across the countries. >> Yeah. >> I'm grateful to my honorable friend
for mentioning again the international comparisons. The unemployment figure in
the UK is 3.5%, which members opposite of inexplicably not been asking about
the lowest in my lifetime compares very favorably to France, where it's more
than doubled, 7.3% or Italy, where it's 7.8%. Even in Canada, it is 5.2%. So
our unemployment figures compare very favorably internationally. When it comes
on to the growth figures, my honorable friend asked about, the UK once again
over the last three years taken together, 11.7% over those three years heads
the G7 considerably four times higher near these in Germany at 3.9, over
double Japan at 5.1 and higher than France, Italy, Canada, and the USA. But he
asked about supply-side reforms to help his constituents. And my honorable
friend will be hearing a lot more about those supply side reforms in the
coming weeks both from secretaries of state directly and from the Chancellor
at the medium-term fiscal plan to explain how we're going to get a regulatory
burdens off the back of businesses to help them grow and create jobs for his
constituents he quite rightly wants to see. >> Shenora Ali. >> Thank you, Mr.
Speaker. The mini budget fiasco has caused the material risks to UK's
financial stability and the Bank of England has said that $1 trillion could
have been erased from the UK pension fund investments if it hadn't stepped in
following the mini budget turmoil. The minister needs to heed the advice of
the chairman of the treasury Committee and others across the house and junk
the tax cuts in this budget, their unfunded and they're creating chaos in the
markets. We need to restore confidence so that our constituents don't suffer.
The minister needs to stop being arrogant and take heed, listen to the
expertise, and take action. >> If the honorable lady objects so much to tax
reductions, why did you vote for them yesterday? >> Thank you. Mr. Speaker.
Yesterday I spoke with business leaders in my Kali constituency and they
welcomed both the near record low unemployment levels and the International
Monetary Fund outlook of 3.6% growth. Does the chief secretary to the treasury
agree with me that is a direct consequence of the policies that his government
is enacting? >> Yes, I do. The leading growth in the G7 and the lowest
unemployment figures in my lifetime are testament to the sagacity of this
government's economic policies. >> [inaudible 01:14:48] >> Thank you very much
Mr. Speaker, today is another day when the government's mismanagement of the
economy is causing market turmoil, putting thousands of pension as a mortgage
holders at risk. The Governor of the Bank of England yesterday told pension
funds to sort it out, after announcing that the banks emergency bond buying
scheme will close in two days, the government has 48 hours to save pension
funds. Will the government call the chance flip back from Washington, hold an
emergency cabinet meeting and deal with the pension crisis? >> Yeah. The
chancellor is an extremely regular contact with the Governor of the Bank of
England. Obviously, the bank and its various agencies have responsibility for
systemic financial stability. We're working closely with them and we have
complete confidence in the banks management of this process. >> Mr. Speaker,
at the Conservative Party stands for low taxes, but also for fiscal
responsibility and sound money. Given that the prime minister has just said
that they will not be public sector spending cuts. Can I ask the chief sector
to the Treasury if the government are considering differing any of the tax
measures recently announced by the chancellor. >> We don't plan to defer the
tax measures because we think having an internationally competitive tax system
is important because it will help encourage businesses and successful
individuals to locate here in the United Kingdom rather than anywhere else. I
used to be technology minister and tech businesses can choose whether they
locate here or New York, or San Francisco, or Singapore, or South Korea, or
anywhere else in the world. We want them to choose the United Kingdom. And
that is why competitive tax rates and the right regulatory environment is so
important. >> Thank you, Mr. Speaker. Britain has embraced globalization
arguably more than other nations around the world over the last couple of
decades, about half of our GDP is subject to international headwinds, but the
world is getting more dangerous, not less. He mentioned Ukraine. Could I
suggest that any future fiscal statement is run by the National Security
Council for comment and perhaps recommendations which might include organizing
a United Nations safe haven around the port of Odessa. So there's great ships
can get out helping reduce the price of food, reducing inflation in this
country. >> Well, I thank my honorable friend, for his suggestion around the
desert. I know he's an expert in military matters and matters of international
diplomacy and of course he is, I think being to Ukraine in the past 12 months.
I'm also only pass the suggestion onto my colleagues. >> Sure. I don't think
ministers appreciate the gravity or the urgency of the situation, Mr. Speaker.
We have a Prime Minister committing to know spending cuts a few minutes ago.
We have a government still committed to tens of billions of pounds of unfunded
tax cuts at the Bank of England withdrawing it's special support on Friday.
What is the government doing to avoid a market crash this Friday? >> The
reason that on the second day of the new government term in office