Speech in Commons Chamber - Wed 22 May 2024 The Economy
"With permission, Madam Deputy Speaker, I would like to make a statement on the economy, following the release of inflation data by the Office for National Statistics this morning and the conclusion of the International Monetary Fund’s annual article IV mission to the UK on Tuesday.
"Let me start by welcoming the shadow Minister’s remarks, and by saying that no one on the Government Benches—certainly not me—feels that times are not still tough for many millions of people. We are acutely aware of that, which is why we have worked so hard over the last few …..." Bim Afolami - View Speech
"What I will certainly accept is that there are millions of people in this country for whom the cost of living crisis is still real. That is why we are taking the action that we are taking. That is why working people—[Interruption.] As a result of cutting …..." Bim Afolami - View Speech
"As my hon. Friend knows, it is for the Monetary Policy Committee of the Bank of England to determine the policy on interest rates, but we hope that working in partnership with the Bank of England to cut inflation will mean that at some point later in the year interest …..." Bim Afolami - View Speech
"I agree with my hon. Friend, who is a fantastic champion for his constituents in this House, as everybody in this House knows. The only thing I would add to what he has said is that we on this side of the House know what it is to take responsible …..." Bim Afolami - View Speech
"My hon. Friend is a brilliant champion for Bracknell Forest, a part of the country that I know well, and I completely agree with his remarks...." Bim Afolami - View Speech
"My response is that this Parliament has seen an unprecedented hit to people’s living standards because of covid—a once-in-100-years impact. Might I remind the House that this Government spent £450 billion in supporting the economy? We supported people through programmes such as furlough, supported small businesses through discretionary grants, and …..." Bim Afolami - View Speech
"My response to the hon. Gentleman, whom I respect deeply, is twofold. First, we are at an inflection point and the job is not complete. We know that many millions of people are suffering, which is why we are continuing to improve their incomes through cutting their taxes. It is …..." Bim Afolami - View Speech
"I do agree, but let me draw attention to a specific point that is often ignored. The Chancellor’s decisions over the last two fiscal events have set the country up for growth in the future. My hon. Friend mentioned the policy on business expensing; that was a £10 billion tax …..." Bim Afolami - View Speech
"My right hon. Friend has put that incredibly well. Very good things have happened to our economy over recent months, particularly in my own area of financial services. I would add that many Members, on both sides of the House, were concerned about the impact of Brexit on the British …..." Bim Afolami - View Speech