Economic Update

Debate between Mike Amesbury and Rishi Sunak

Thursday 3rd February 2022 Commons Chamber

[Rishi Sunak]

My hon. Friend is always a champion for those who are working hard and doing the right thing, and that is why he has rightly championed the freeport in his constituency to provide jobs and opportunity for those families. I can give him that reassurance. It is because it is likely that energy prices will remain high and may even increase when the October price cap is set that the rebate of £200 will come in in October—in that month. I hope that will help at that time if energy bills continue to rise then, and of course the £150 will come much sooner, which gives him the reassurance he needs. As I said earlier, we do have to be honest and recognise that we are all going to have to adjust to higher energy prices, but what we can do is slow the pace and scale of that adjustment for families across the country.

[Mike Amesbury (Weaver Vale) (Lab)]

Is the Chancellor comfortable about the fact that he has given more support to fraudsters, writing off billions of pounds of debts, than he is giving to hard-pressed families for whom this just prolongs the pain? This 54% price rise will be paid over four years, won’t it, Chancellor?

[Rishi Sunak]

As I outlined earlier this week, nothing has been written off. We are committed to going after everybody who has defrauded the taxpayer. It is important to remember the context. These schemes were delivered at enormous scale: 9 million people benefited from the furlough scheme and 1.5 million small businesses benefited from bounce back loans. At the time—we can remember the context—I was here almost every other day being rightly held to account by Members on both sides about the speed of support that we were getting to businesses in all of our constituencies that needed cash as quickly as possible. In those circumstances, I had to make balanced trade-offs and judgments about the best way to support those people. I am confident in the judgments we made, but it is also right, now that we are through the pandemic, that we go after anyone who has defrauded the Government and the taxpayer with the full force of the law.

Future of Financial Services

Debate between Mike Amesbury and Rishi Sunak

Monday 9th November 2020 Commons Chamber

[Rishi Sunak]

I pay tribute to my hon. Friend’s campaigning on this important issue. She asks the right question to make sure the money is going where we want it to go. I can give her the reassurance that we will be using the use of proceeds structure, along with the principles from the International Capital Market Association. That is the most widely used and recognised structure in the ESG—environmental, social and governance—investing space, and it is the structure that is used by pretty much all other sovereign issuers. It will ensure that the money raised goes where it is required and deserves to go.

[Mike Amesbury (Weaver Vale) (Lab)]

Credit unions have been a lifeline for many people in local communities during the pandemic. What steps is the Chancellor taking to support credit unions and the mutual sector in terms of growth?

[Rishi Sunak]

The hon. Gentleman is absolutely right about the importance of credit unions in providing credit to those who need it. My hon. Friend the Economic Secretary recently hosted a roundtable to make sure the industry is getting the support it requires.

Economic Update

Debate between Mike Amesbury and Rishi Sunak

Tuesday 17th March 2020 Commons Chamber

[Rishi Sunak]

My hon. Friend makes a good point and I will certainly take that up with the Transport Secretary.

[Mike Amesbury (Weaver Vale) (Lab)]

If Denmark can step in and offer 70% subsidies as a transitional arrangement, why can’t the Chancellor? Step up. Step up!

[Rishi Sunak]

I have already mentioned looking at the Denmark scheme and indeed the German scheme. The point is what we are able to deliver at pace. Other countries have had schemes in place beforehand, which makes it easier for them to do things, and we need to work with what we have got. But the principle of providing support is one that I fully acknowledge, which is why we are working on that at pace. Again, when considering individual measures, it is worth looking at fiscal interventions between this week and last week in the round, which, in the context of any global response, are extremely significant.