Replacement of the Chancellor of the Exchequer

Lord Forsyth of Drumlean Excerpts

Tuesday 18th October 2022 Lords Chamber

[Lord True (Con)]

My Lords, apart from the rhetoric, the main part of the noble Baroness’s question was on energy prices. I hope that your Lordships have heard with delight that a Bill, for which I expect the support of both parties opposite, has been presented to the House on which we will debate these matters in some detail.

On the specifics, I say that continuing with the planned level of support between now and 2023 will remain a landmark policy. It will support millions of people through a difficult winter and means that they will not have to face bills as high as they would have been. A Treasury-led review has been announced into how we support energy bills beyond April next year; its objective is to design a new approach that will cost the taxpayer significantly less than planned while ensuring enough support for those in need, which I think all noble Lords would like to see. Equally, any support for businesses will be targeted to those most affected. This new approach will better incentivise energy efficiency. However, it is important to underline that the support with energy bills that my right honourable friend the Prime Minister so swiftly announced is going ahead, and what is being provided between now and next April will not change.

[Lord Forsyth of Drumlean (Con)]

My Lords, does my noble friend not think that this is a moment for Members of Parliament to pull together? We are facing a global crisis caused by living on printed money on an immense scale—£450 billion—to deal with Covid. Frankly, it does not matter which Benches are in power; interest rates will go up very considerably as a result. Therefore, it is necessary for us to focus on the policy changes needed to protect those who will be unable to pay their bills. Playing politics with this does no credit to Parliament and nothing to help those who will be affected.

[Lord True (Con)]

My Lords, my noble friend, with his enormous and widely respected knowledge as a former chairman of your Lordships’ Economic Affairs Committee, makes a very strong point about the international situation. However, His Majesty’s Government must deal with what they can do here at home. In offering protection, as we have discussed, we will also continue to seek to promote growth. We will launch investment zones—I hope that they will be widely supported by your Lordships—and shortly introduce minimum service levels for transport services in Great Britain, ensuring that militant strike action cannot derail economic growth and union bosses cannot hold working people to ransom.