Energy (oil and gas) profits levy

Debate between Victoria Atkins and Drew Hendry

Tuesday 22nd November 2022 Commons Chamber

[Victoria Atkins]

My hon. Friend is absolutely right. Indeed, the OBR—the independent OBR—again confirms that because of our plans the recession is shallower, and inflation is reduced because of these very difficult decisions we have taken. Unemployment is also lower, with about 70,000 jobs protected as a result of our decisions.

[Drew Hendry]

The Minister is very keen to lay inflationary pressures globally, but how does she explain the OECD figures showing that, for market interest rates, the UK is at the very top of the tree?

[Victoria Atkins]

As the Governor of the Bank of England has explained, disruption in the markets has subsided, and the impact of that has flushed through the system. I would emphasise to the hon. Member the evidence we are seeing in other countries. I do not shy away from that; I offer it as an example of the pressures we are all facing internationally. It is precisely that international picture that the Government are addressing.

The hon. Member for Bradford East (Imran Hussain) laid down in, if I may say so, a rather loud speech that there was no help for his constituents with the cost of living. It was passionate, I am told. It is fair to say that my hon. Friend the Member for Southend West (Anna Firth) expressed astonishment at his passion, and my hon. Friend the Member for Bolsover (Mark Fletcher) said that some Opposition Members were living in a different galaxy.

On a serious note, I do want to help colleagues across the House understand the help that is available, because I know that hon. Members will be responding to their constituents’ worries. Any constituent who is on benefits or paid pensions will have them increased by 10.1%. Any constituent on means-tested benefits will have a one-off payment of £900. Any constituent on pension credit will have a one-off payment of £300 on top of their winter payment, and those who are living with disabilities will have a one-off payment of £150. Any constituent on the national living wage will see an increase to their salary, with the hourly rate going up to £10.42. Every single one of our constituents will see help through the energy price guarantee, which is worth on average £900 this year and will be worth £500 next year, and it helps to lower inflation by 2%.