Middle East: Economic Response
Debate between Clive Efford and Rachel Reeves(3 weeks, 1 day ago)
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Rachel Reeves
The hon. Lady says that we should extend the industrial strategy, but the previous Government did not even have an industrial strategy. I would say that a £700 million tariff reduction is not exactly fiddling at the margins; supermarkets should pass on those cost savings directly to consumers to help all our constituents with the cost of living.
Clive Efford (Eltham and Chislehurst) (Lab)
I congratulate the Chancellor on her summer package of savings for families—it will give relief to those families who have booked domestic holidays, and a welcome boost to our domestic leisure and entertainment industries—but will she say a little bit more about how we intend to pass on the savings made by her tariff cuts through supermarkets? Too often, they have taken a cut and a slice off the reduced cost to them, so how do we ensure that all the savings get passed on to our constituents?
Rachel Reeves
I remember that, when I was young, I used to enjoy visits to Chislehurst Caves and Eltham Palace, and I hope they will be able to benefit from the changes I have announced today. It is important that we ensure that supermarkets pass on these cost reductions to their customers. We are also making changes to HGV duty, which will reduce costs for supermarkets. It is important that Supermarkets recognise the pressure that their customers are under at the moment. We have provided additional powers to the Competition and Markets Authority to ensure that no business, whatever its size or nature, takes advantage of the conflict in the middle east to hike prices for their customers.
Oral Answers to Questions
Debate between Clive Efford and Rachel Reeves(1 year, 6 months ago)
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Rachel Reeves
The hon. Gentleman will know that there is more headroom in our Budget in October than was left by the previous Government. The lesson I have learned is that I will never play fast and loose with the public finances, as the Conservative party did, because when it did, interest rates went through the roof and inflation topped 11%, and families and businesses in our country are still paying the price for its disastrous economic management.
Clive Efford (Eltham and Chislehurst) (Lab)
The Chancellor of the Exchequer (Rachel Reeves)
At the Budget, I wiped the slate clean after 14 years of chaos and mismanagement of our public finances, and I have brought stability back to our economy, so that we can get on with fulfilling our promise of delivering change. That means investing to fix the NHS and rebuild Britain, while ensuring that working people do not face higher taxes in their payslips.
Only through economic growth can we deliver on the promise of change. That is why we have wasted no time in delivering on the Government’s No. 1 mission. We have established the national wealth fund, have kick-started planning reforms to boost long-term growth, are developing an industrial strategy, and are announcing reforms for our world-leading financial services sector, including in pensions. I am under no illusion about the size and scale of the challenge that we face, and the struggles of working people. That is why we choose stability and investment. The Conservatives, however, choose chaos, austerity and decline.
Clive Efford
According to the Local Government Association, local government spending on public services is down 42% on what it would have been had it kept pace with demand and costs since 2010. My local authority, Greenwich, faces a £3 million to £5 million gap in commissioned social care costs, and after 14 years of Tory austerity, there is very little headroom to bridge that gap. Does my right hon. Friend agree that local authorities need more assistance to bridge such gaps in the December local government finance statement?