Oral Answers to Questions

Chris Elmore Excerpts

Tuesday 14th November 2023 Commons Chamber

[Laura Trott]

I thank my hon. Friend for his question. The most important thing we can do is bear down on inflation, because that will bear down on interest rates, which affect us all. I would also point to the cost of living support that the Department for Education is providing for students. I would be happy to discuss the matter with him further.

[Chris Elmore (Ogmore) (Lab)]

10. What recent assessment he has made of the implications for his policies of the economic growth rate.

[The Chancellor of the Exchequer (Jeremy Hunt)]

Our policies are increasing economic growth, as the Office for Budget Responsibility confirmed following last year’s autumn statement and the spring Budget, but the only way to secure higher, sustainable, long-term growth is to bring down inflation.

[Chris Elmore]

The OBR judged the Chancellor’s last Budget to have no overall long-term impact on the level of potential productivity. Does he expect the OBR to make a similar judgment of his next Budget?

[Jeremy Hunt]

I remind the hon. Gentleman of what the OBR actually said about the spring Budget:

“the overall impact on GDP is around 0.2 per cent in 2027-28. This is the largest upward revision we have made to potential output within our five-year forecast as a result of fiscal policy decisions taken by a Government”.