Replacement of the Chancellor of the Exchequer

Bill Esterson Excerpts

Monday 17th October 2022 Commons Chamber

[Penny Mordaunt]

I can give my hon. Friend that assurance. This is really important to our communities. We will continue with our programme on EU law and EU retained law, and our enabling regulation that the Department for International Trade is looking at, and also our programme on investment zones, in which there has been an enormous number of expressions of interest.

[Bill Esterson (Sefton Central) (Lab)]

In her initial answer to the urgent question, the Leader of the House blamed international circumstances. If that is true, why do people in this country face paying more in increased mortgage payments than people elsewhere in the world; and if it is true, why did the former deputy Governor of the Bank of England say yesterday that the crash in the markets was the result of unique circumstances in the UK? Would it not be better for the Leader of the House and the Prime Minister to admit that they got it wrong and they are responsible, as a first and necessary step in rebuilding confidence in the markets?

[Penny Mordaunt]

I would point the hon. Gentleman to mortgage rates elsewhere in the world. I also suggest that he raises this with the Chancellor, who is waiting to give a statement.