The Economy

Chi Onwurah Excerpts

Wednesday 22nd May 2024 Commons Chamber

[Bim Afolami]

I thank my hon. Friend for a characteristically thoughtful and informed question. I will indeed look at what he said about the Bank of England’s balance sheet being settled by 2025, and I will talk to him about that in due course.

[Chi Onwurah (Newcastle upon Tyne Central) (Lab)]

Like the Chancellor, the Minister likes to talk about the difficult decisions that Conservative Administrations have made. The cost of a family shop has risen by £1,000 since the last election. The difficult decisions are the ones that families in Newcastle have to make every time they go to a supermarket. Is it not the case that the decisions that his party has chosen to make—austerity, stealth taxes on working people, and crushing growth out of the economy before crashing it altogether—are why my constituents are worse off?

[Bim Afolami]

I am afraid I disagree with the hon. Lady. It is very important that this House recognises and admits that, because there was a once-in-a-generation pandemic that cost the Government over £400 billion in supporting people, it was necessary for the tax burden to rise for a time to help pay for that. That was a difficult and responsible decision. Now that we have moved into a period of relative calm, there is choice about what we want the economy and our fiscal position to look like over the medium term. On this side of the House, we choose high business investment, high growth and lower taxes on working people, whereas the Opposition choose more union power, higher borrowing and higher taxes. I think the British public are going to stick with us.