PARLIAMENTARY DEBATE
Engagements - 12 October 2022 (Commons/Commons Chamber)
Debate Detail
This morning I had meetings with ministerial colleagues and others. In addition to my duties in the House, I shall have further such meetings later today.
Spooking the markets, increasing the cost of borrowing and mortgages, was almost certainly an act of gross incompetence rather than malevolence, but going back on the commitment to end no-fault evictions is an act of extreme callousness. Can the Prime Minister reassure the 11 million private renters in this country that she will fulfil that commitment?
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 for my family and me, and across the House. The people there are in all our thoughts.
This morning the Business Secretary toured the television studios arguing that the turmoil in the markets had nothing to do with the Prime Minister’s Budget. Does the Prime Minister agree with him?
Last week, the Prime Minister was forced to U-turn on her unfunded tax cut for the super-wealthy. This week, she is beginning to realise that she needs to extend the windfall tax, one step behind the CEO of Shell, but she is still going ahead with £18 billion of tax cuts for the richest businesses, and they did not even ask for it. She has still gift-wrapped a stamp duty cut for landlords, just as renters feel the pinch, and she is 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?
“I’m very clear I’m not planning public spending reductions.”
Is she going to stick to that?
I would have hoped that if the Prime Minister were making public spending commitments today, she would have said that those who rely on social security benefits will get their benefits uprated in line with inflation.
When the Prime Minister last stood at the Dispatch Box, the average two-year fixed-rate mortgage stood at 4.5%. It is now at 6.5% and rising, hitting average families with an extra £450 in mortgage payments every single month, over and above what they were paying. Thirty-seven days into the job, this is literally the cost of the Prime Minister’s incompetence. It is the price households are paying, and all because of the Chancellor she chose. Will she now give up on her desperate plan to save her Chancellor’s skin by scapegoating the Governor of the Bank of England?
I welcome the renewed negotiations with the European Union about the Northern Ireland protocol. Does the Prime Minister agree with me that the outcome of those negotiations must reflect the objectives outlined by the Government in the Northern Ireland Protocol Bill, and that that is the key to unlocking the door to political stability in Northern Ireland?
Small and medium-sized enterprises are the lifeblood of our economy and I warmly welcome the expansion of the small business threshold. Does my right hon. Friend agree that only the Conservative party is on the side of enterprise in its determination to unleash the full potential of our great country?
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