Economy Update Debate

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Department: HM Treasury

Economy Update

Dave Doogan Excerpts
Thursday 26th May 2022

(2 years ago)

Commons Chamber
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Rishi Sunak Portrait Rishi Sunak
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As a former local government Minister, I am very happy to join my hon. Friend in paying tribute to our councils for the fantastic work they did during covid and continue to do to support their residents, our constituents, through the challenges ahead. I am happy to tell her that we have a new burdens formula that compensates councils, when it is triggered, with the funding they need.

Dave Doogan Portrait Dave Doogan (Angus) (SNP)
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I do not know if the Chancellor has been to Scotland recently, but I reassure him that we will not be taking any lectures from him on Scotland’s viability as an independent state, sitting as he is on £2.2 trillion of sovereign debt built up by him and the Labour party.

On today’s announcement, what discussions has the Chancellor had with upstream oil and gas manufacturers such as Halliburton and Baker Hughes in my constituency about their future? There is a sunset clause that protects energy companies and reduces the burden when prices come down, but where is the sunset clause for ordinary households? How can they know how long their support will last?

Rishi Sunak Portrait Rishi Sunak
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As ever, we keep all situations under review with regard to providing support to households. We know, however, that the most vulnerable are likely, subject to the review of the Secretary of State for Work and Pensions, to see a significant increase in welfare and pension payments next year, based on September’s CPI, which will be significantly in excess of the inflation forecast for that year.