Economic Update

Andrew Gwynne Excerpts

Monday 17th October 2022 Commons Chamber

[Jeremy Hunt]

I absolutely salute my hon. Friend for thinking about the needs of families having to pay mortgages, which have an enormous impact on their finances. As I have learned in my short time in this job, Chancellors never comment on what mortgage rates or interest rates should be, but I absolutely want to make sure, in so far as the Government can influence it, we make sure that they are held down as low as possible.

[Andrew Gwynne (Denton and Reddish) (Lab)]

I will be a bit more generous. I genuinely welcome the re-emphasis on market stability, sound economic finance and ensuring that our country genuinely has an economic policy that is not going to frighten the markets.

The Chancellor says that he is reviewing all tax and spending before the Budget, and he wants to ensure that he takes communities with him. May I impress on him the very real damage that was done in lots of communities across the country that one might call red wall seats, although not all of them voted for the Conservatives in 2019, as a result of the cuts to local government—60p in the pound. Local government cannot take that level of cuts again. May I ask him at least to consider ensuring that those communities are protected?

[Jeremy Hunt]

I am not making any commitments on individual areas of any tax or spend, but yes, I absolutely understand the pressures faced in local government.