Economic Responsibility and a Plan for Growth

Debate between Andrew Griffith and Geraint Davies

Wednesday 19th October 2022 Commons Chamber

[Andrew Griffith]

I thank my hon. Friend, and pay tribute to my right hon. Friend the Member for Richmond (Yorks) (Rishi Sunak) for all that he did to put the economy in a strong position, and to navigate the very difficult shoals of the unprecedented covid pandemic.

[Geraint Davies (Swansea West) (Lab/Co-op)]

Will the Minister give way?

[Andrew Griffith]

I will make a little progress and then give way. As the Chancellor said, at this point all measures remain on the table. My hon. Friend the Member for Salisbury (John Glen) will indulge me if I do not announce that policy at the Dispatch Box today. His point is well understood, and others have made it to me, as Financial Secretary.

--- Later in debate ---

[Andrew Griffith]

I will not give way at the moment. The difficult decisions that were taken by the Chancellor earlier this week will ensure that we continue to grow the economy. Those decisions will raise around £32 billion every year. Perhaps the Opposition will use the opportunity of the debate to enlighten the House, but to date they have said very little about how they would find the money to do that.

[Geraint Davies]

Will the Minister give way?

[Andrew Griffith]

Not at the moment.

That brings me to our energy price guarantee, which is a landmark policy that will help millions of people to get through this most difficult winter. Independent and external forecasts expect it to reduce inflation by around five percentage points. It is one of the most generous schemes in the world, and was the biggest single expense in the growth plan, with an estimated cost of around £60 billion between now and the end of March.