Oral Answers to Questions

Debate between Bim Afolami and Lindsay Hoyle

Tuesday 19th March 2024 Commons Chamber

[The Economic Secretary to the Treasury (Bim Afolami)]

I thank my hon. Friend for her question. First, it is important to note her consistent championing of this issue for her constituents, for which she deserves huge commendation. To her precise question, it is important that industry, not the Government, makes decisions about bank branches or banking hubs, but she has made her case very ably. I urge her to work with Cash Access UK and LINK to ensure that she has the best chance of securing one of those new 225 banking hubs, as outlined by the industry, in her constituency.

[Mr Speaker]

We come to the shadow Chancellor of the Exchequer.

--- Later in debate ---

[Bim Afolami]

I am happy to meet the hon. Member to discuss the precise circumstances of his constituent’s case. In general terms, it is a priority for us to ensure that people get access to that money if it is due to them.

[Mr Speaker]

I call the Chair of the Treasury Committee.

UK Economy

Debate between Bim Afolami and Lindsay Hoyle

Monday 19th February 2024 Commons Chamber

[Bim Afolami]

The whole House knows that my right hon. Friend is somewhat of an expert on matters relating to the economy. To answer his point specifically, the national insurance tax cut was scored at the last fiscal event—the autumn statement—as significantly increasing the number of people in work. Although I will not speculate on fiscal events, that point has been very much noted by me and the whole Treasury.

[Mr Speaker]

I call the Scottish National party spokesperson.

[Stewart Hosie (Dundee East) (SNP)]

The Minister spoke about resilience, but the fourth quarter contraction in the economy was the biggest quarterly fall since early 2021 at the height of the covid pandemic, so I am not sure he is quite right about resilience. He also spoke about growth, but the Government told us in November that growth is not forecast to exceed 2% in any year in the forecast period. How modest the Minister’s ambitions are.

National debt is still approaching 100% of GDP—£3 trillion. The consequences of Brexit are suppressing growth, and that poses a challenge to the UK Government’s fiscal targets. Although it is welcome that inflation has fallen, prices remain high. Prices are not falling; they are simply going up slightly less steeply than they were a month or two ago. It is obvious that what the economy needs is growth, and the investment to generate that growth, but given that business investment, according to the Government, is forecast down this year by 5.6%, private dwelling investment is forecast down this year by 6%, and flat at 0% next year, and general Government investment is forecast down in ’25, ’26, ’27 and ’28, where will the investment for growth come from?

Oral Answers to Questions

Debate between Bim Afolami and Lindsay Hoyle

Tuesday 6th February 2024 Commons Chamber

[Bim Afolami]

This Government have introduced one of Europe’s largest support packages, worth more than £100 billion during 2022 to 2025. That is an average of £3,700 per household. The point about mortgage rates is that they went up everywhere across the world, to a higher level than ours in many jurisdictions such as the United States. I have already mentioned the work that we have done on the mortgage charter, helping hundreds of thousands of people to manage their mortgages, but the critical thing that we need to do is bring inflation down. She needs to talk to her shadow Chancellor and the shadow Treasury team about their plans, which would make inflation higher.

[Mr Speaker]

Order. I am not sure that “she” is a good word to use to other Members.

Oral Answers to Questions

Debate between Bim Afolami and Lindsay Hoyle

Tuesday 19th December 2023 Commons Chamber

[Bim Afolami]

I am not sure that I quite accept my hon. Friend’s characterisation of the banking industry, but I am happy to meet him and discuss the problems he outlined in relation to specific businesses and access to bank accounts.

[Mr Speaker]

I call the shadow Minister.

[Tulip Siddiq (Hampstead and Kilburn) (Lab)]

Before I ask my question, I want to convey the apologies of the shadow Chancellor, my right hon. Friend the Member for Leeds West (Rachel Reeves). She is delivering the eulogy at Alistair Darling’s funeral today.

I want to say a few words about Alistair Darling—I am sure you will agree, Mr Speaker—a dedicated public servant, who was respected across both Houses. He led the country’s economic response to the global financial crisis with integrity, honesty and sound judgment, and we will all miss him. [Hon. Members: “Hear, hear!”]

As my hon. Friend the Member for Manchester, Withington (Jeff Smith) just said, nearly 6,000 bank branches have closed since 2015, and only 30 banking hubs are up and fully running. That has left countless people financially excluded and affected lots of small businesses. I ask the Minister once again: will he accelerate the roll-out of banking hubs properly? Why are his Government not doing anything to reverse the decline of the great British high street?