Economic Situation
Debate between Lord Beamish and Chris Philp(2 years, 2 months ago)
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Chris Philp
I think having the lowest unemployment in my lifetime and having lower unemployment than comparable countries such as France and Italy is something that we can be proud of as a country. Of course, we are committed to working with people who have long-term sickness, working through the NHS and with work coaches at the Department for Work and Pensions to find ways to enable them to return to the workforce. Of course we are going to work with them, but ultimately having the lowest unemployment rate in my lifetime is something we should be proud of.
Mr Kevan Jones (North Durham) (Lab)
Listening to the Minister, I wonder what colour the sky is in his world. He talks about the energy price guarantee protecting families from energy bills of up to £6,000 a year, but as a direct result of the Government’s mini-Budget families in my North Durham constituency now face a mortgage increase of £6,000 a year not just this year but in future years as well. He can blame international markets when it comes to energy, but is he actually going to admit that the mini-Budget has led to those families paying £6,000 a year extra, if not more in some cases, and what is his advice to them?
Chris Philp
I have explained already that there is a global upswing in interest rates—
Chris Philp
The right hon. Gentleman can say no and not want to hear it, but I will just tell him again. In the United States, in the last nine months, there has been a 3% increase in the federal reserve base rate. In that same period, the Bank of England base rate increase has been only 2%. It has gone up by one and half times more in the United States compared with the United Kingdom. We do understand that there are cost of living pressures and that is why we have stepped in with the energy price guarantee to protect families in his constituency and mine from the £5,000 or £6,000 bills that they would otherwise have faced. That is why we are alleviating the tax burden on their shoulders and why we will ensure that the economy grows.