Oral Answers to Questions

Debate between Stephanie Peacock and Kwasi Kwarteng

Tuesday 11th October 2022 Commons Chamber

[Stephanie Peacock (Barnsley East) (Lab)]

T1. If he will make a statement on his departmental responsibilities.

[The Chancellor of the Exchequer (Kwasi Kwarteng)]

This Government are relentlessly focused on growing the economy. Putin’s barbaric war in Ukraine continues to put pressure on gas prices so, with predictions of typical bills reaching between £4,000 and £6,500 a year, people needed immediate support to get them through this winter.

Last month we set out the growth plan, which will focus on breaking out of the high-tax, low-growth cycle in which we are currently trapped. This will put more money into people’s pockets and raise living standards for all our people. This week I wrote to my right hon. Friend the Member for Central Devon (Mel Stride) to inform him that I will set out the medium-term fiscal plan on 31 October, and I wish to remind the House that it will be accompanied by a full economic and fiscal forecast published by the Office for Budget Responsibility.

[Stephanie Peacock]

The Chancellor sat in a Cabinet that committed to increasing social security payments in line with inflation. Why will he not honour that promise?

[Kwasi Kwarteng]

As my right hon. Friend the Chief Secretary to the Treasury and I have repeatedly said, no decisions have been made. The usual statutory process is being undertaken, and we will have more detail at the time of the medium-term fiscal plan.

Oral Answers to Questions

Debate between Stephanie Peacock and Kwasi Kwarteng

Tuesday 12th July 2022 Commons Chamber

[Kwasi Kwarteng]

My right hon. Friend is absolutely right. He knows that I am in constant talks with officials in the Department for Digital, Culture, Media and Sport and my right hon. Friend the Secretary of State for that Department to make sure that we have a reasonable response to this danger, which he very ably highlights.

[Stephanie Peacock (Barnsley East) (Lab)]

I am grateful to the Minister for meeting me to discuss the mineworkers’ pension scheme. I know, after speaking to him last week, that it has been referred to the Treasury for a decision. Given that that decision needs to be made before the House rises next week, may I urge him to chase it up, please?

Storm Eunice

Debate between Stephanie Peacock and Kwasi Kwarteng

Monday 21st February 2022 Commons Chamber

[Kwasi Kwarteng]

I reassure my hon. Friend that as a consequence of the 2013-14 floods, we established and made much more robust local resilience forums and flood defence networks. I would be happy to discuss with her schemes that may be applied to her constituency, particularly as regards a centre in Stafford.

[Stephanie Peacock (Barnsley East) (Lab)]

Flood warnings are in place across South Yorkshire and this is a worrying time for many in Barnsley, especially those without adequate insurance. I acknowledge the work of Flood Re, but, sadly, for many this is still not affordable. What work are the Government doing with insurance companies to make sure that everyone can get the insurance they deserve?

[Kwasi Kwarteng]

Again, I refer to the 2013-14 period. I know that a number of people here were not in the House at that time, but this was precisely the issue that came up then and we have tried to engage with Flood Re. It has responded more effectively and we will see what more can be done in this area.

Gas Prices and Energy Suppliers

Debate between Stephanie Peacock and Kwasi Kwarteng

Thursday 23rd September 2021 Commons Chamber

[Stephanie Peacock (Barnsley East) (Lab)]

On Monday, the Secretary of State dismissed our lack of gas storage as “not…relevant”. It has clearly left us vulnerable, so will he now admit that the closure of the Rough storage facility was a mistake?

[Kwasi Kwarteng]

I do not think that it is relevant, because there is no way that any storage in the world will mitigate the effect of a quadrupling of the gas price in four months, as we have seen. The answer is actually getting more diverse sources of supply and electricity through non-carbon sources—through nuclear, on which I am still very unclear as to the Opposition’s view, and through other sources of decarbonised energy.

UK Gas Market

Debate between Stephanie Peacock and Kwasi Kwarteng

Monday 20th September 2021 Commons Chamber

[Kwasi Kwarteng]

My right hon. Friend, with his characteristic acuity, hits the nail on the head. Gas storage is definitely an issue, but the fact he points out is that we do not know how long this spike in the gas price will last. We must not precipitate a rush or, through any alarmism, instigate panic. There is no cause for that at all, but clearly this is a situation that needs to be reviewed. I am very happy to speak to him about particular solutions. I know that he has various views on interconnectors, and I look forward to discussing with him very frankly the way ahead.

[Stephanie Peacock (Barnsley East) (Lab)]

The right hon. Member for Wokingham (John Redwood) referred to our “tiny capacity”. The UK cut its strategic gas storage to 1.7% of annual demand, when a former Government adviser suggested that it should be closer to 25%. In the light of that, why did the Government allow the Rough storage facility off the Yorkshire coast to close without taking action?

[Kwasi Kwarteng]

As I have said repeatedly, we have a wide source of energy supply. We have by far the largest offshore wind capacity in the world. There is no reason why we should be inducing panic because of the closure of gas storage facilities. It is something that I said we should look at, but I do not think it is right for hon. and right hon. Members to stoke alarm simply by focusing on questions that are not really relevant to today’s debate.