Alison McGovern
Main Page: Alison McGovern (Labour - Birkenhead)Department Debates - View all Alison McGovern's debates with the HM Treasury
(1 year, 7 months ago)
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Alison McGovern (Wirral South) (Lab)
As the Minister rightly said, monetary policy is made independently by the Monetary Policy Committee in this country. However, the Government are responsible for economic stability, and for that we need investment. What policies of the past couple of years does the Minister believe have got us into this position with inflation, and how are the Government going to make sure that we have better economic stability, given their recent record?
Andrew Griffith
The hon. Lady omits to mention both the headwinds from the global pandemic and Russia’s aggression in Ukraine. Any financially literate conversation on this subject has to acknowledge that we see very similar rates of increase in inflation and rising interest rates across the developed world. In that context, this Government are focusing on stability, ensuring that we continue to pay down debt over the cycle and do not do as the previous Labour Government did and leave a note behind for their successors saying that there is no money left.