Mortgage Market

Debate between Andrew Griffith and Toby Perkins

Tuesday 13th June 2023 Commons Chamber

[Andrew Griffith]

This Government are focused—and this is what our constituents want to hear—on halving inflation, growing the economy and reducing the debt burden. From today forwards, that is the action we can take that will see interest rates falling sooner, reduce inflation and get us back to a position of economic growth. I am sure the hon. Lady wants that for her constituents as much as I do.

[Mr Toby Perkins (Chesterfield) (Lab)]

The Conservative party once prided itself on being the party of homeowners. The fact that we long ago ran out of Conservatives asking questions makes it clear that Tory MPs realise they have nothing to say to those people. Does the Minister realise that my constituents who are desperately worried about the cost of their mortgages will not have heard a single word from him to suggest that things are going to get better as a result of this Government’s actions?

[Andrew Griffith]

I can absolutely reassure the hon. Gentleman that the Government are focused on his constituents, even if his colleagues find it useful to ask the same question again and again. We are focused on not making the sort of unfunded spending commitments—such as the £28 billion that the right hon. Member for Leeds West (Rachel Reeves) herself described as “reckless”—that would really cause difficulties for mortgage holders in Chesterfield and across the United Kingdom.

Oral Answers to Questions

Debate between Andrew Griffith and Toby Perkins

Tuesday 15th November 2022 Commons Chamber

[Mr Toby Perkins (Chesterfield) (Lab)]

8. What recent assessment he has made of the affordability of housing for first-time buyers.

[The Economic Secretary to the Treasury (Andrew Griffith)]

The Government are committed to helping as many first-time buyers on to the housing ladder as possible. We are investing £11.5 billion in building more of the affordable homes that the country needs. First-time buyers can access first-time buyer’s relief for stamp duty land tax, which means that 90% of first-time buyers need pay no stamp duty at all.

[Mr Perkins]

For so many younger people, even those on really good wages, the idea of owning their own house is now a pipe dream. We have 1 million more people in private rented accommodation and, since 2010, 800,000 fewer under-45 households own their own home. What is it about 12 years of Conservative government that has been so brutal for young people with ambitions to own their own home?

[Andrew Griffith]

The Government are very conscious and very supportive of people’s desire to own their own home, which is why we have made so many interventions on affordability. Underlying that is the strength of the economy, which offers great employment prospects for those who seek to work hard, to save and, ultimately, to purchase their own home. We are on their side.

Economic Responsibility and a Plan for Growth

Debate between Andrew Griffith and Toby Perkins

Wednesday 19th October 2022 Commons Chamber

[Andrew Griffith]

The Chair of the Public Accounts Committee has made some fair points. We have acknowledged that mistakes have been made—the Prime Minister herself has said that—and I am happy to say it in the spirit in which the hon. Lady acknowledges that there are wider factors at work in the economy. It ill behoves the House to make those over-partisan points when our constituents are looking to us collectively for what we are able to do.

[Mr Perkins]

rose—

--- Later in debate ---

[Andrew Griffith]

I think we all have constituents who are rightly worried in these times of global turbulence and increasing interest rates in every part of the world. The hon. Lady will forgive me, I hope, if I do not comment on the specific operations of the Bank of England, which I think would be inappropriate—other than thanking hard-working officials for the intervention that they have made over the last couple of weeks.

[Mr Perkins]

rose—

[Andrew Griffith]

I will give way one more time, and then, if Members will forgive me, I will make some progress.

[Mr Perkins]

I am grateful to the Minister.

Of course global factors meant that the situation was dangerous, but will the Minister acknowledge that it is precisely because of those global factors that the new Prime Minister and Chancellor had to tread very, very carefully? That is why what they did was so reckless and so damaging.

[Andrew Griffith]

I am not sure that I can fully accept what the hon. Member says, but the Government are committed to the independence of our institutions. It is very important that people understand that. Both the Bank of England and the Office for Budget Responsibility have a valuable role to play, which is why when the Chancellor presents his forecast to the House in just eight parliamentary days’ time he will ensure that it has been fully presented to, and signed off by, the Office for Budget Responsibility.