Economic Situation

Baroness Laing of Elderslie Excerpts

Wednesday 12th October 2022 Commons Chamber

[Chris Philp]

As I have already explained repeatedly, there is a global increase in interest rates, and as I have also pointed out, the increase in base rates in the United States this calendar year has been 1.5 times higher than the base rate increase in the United Kingdom. We know that people are facing pressures, for the reason that the hon. Lady set out, and also because of energy prices. That is why we have helped with the energy price guarantee. It is why we have put £37 billion towards helping people. It is why we are alleviating the tax burden on people on lower incomes, and it is why we have a growth plan. That is what we are doing to deal with these global pressures, and our plan is designed to help people exactly like the hon. Lady’s children.

[Madam Deputy Speaker (Dame Eleanor Laing)]

And the last word comes from Alan Brown.

[Alan Brown (Kilmarnock and Loudoun) (SNP)]

I thought you were going to say “Last but not least”, Madam Deputy Speaker, but thank you.

According to figures published in connection with the mini-Budget, not implementing the corporation tax increase is predicted to cost the Treasury more than £2 billion in this financial year alone, and in subsequent years £12 billion, £17 billion, £18 billion and £19 billion: £68 billion in total. We can split hairs about whether or not that is a tax cut, but is not the reality that the Treasury’s own figures show that cosying up to business has created a £68 billion black hole?

[Stephen Flynn (Aberdeen South) (SNP)]

On a point of order, Madam Deputy Speaker. During Scottish Questions today the shadow Minister, the hon. Member for Blaydon (Liz Twist), stated:

“I have raised before at the Dispatch Box the fact that the UK Government chose to sideline the Acorn carbon capture and storage project in the north-east of Scotland. The Scottish Government have refused to provide financing either.”

However, on 14 January this year, despite this being a matter for the UK Government, the Scottish Cabinet Secretary Michael Matheson stated:

“That is why I am announcing today that we stand ready with up to £80 million of funding to help the Scottish Cluster continue and accelerate the deployment of carbon capture technology.”

May I seek your esteemed guidance, Madam Deputy Speaker, on how we can ensure that the record reflects the reality?

[Madam Deputy Speaker (Dame Eleanor Laing)]

I thank the hon. Gentleman for giving me notice that he intended to make that point of order. He will know, as the House knows, that it is not for the Chair to make any comment on the content of what hon. Members say here in the Chamber. I am guessing that the hon. Gentleman is suggesting that what was said today directly contradicted something that was said some weeks ago. Is that the basic point?

[Stephen Flynn]

indicated assent.

[Madam Deputy Speaker]

I can only say to the hon. Gentleman that every Member who speaks in this House is responsible for the veracity of what they say, and I am sure that if the record requires to be corrected, the people concerned will go ahead and correct it.

I should have checked this with the hon. Gentleman: did he give notice to the Members whom he has quoted?

[Stephen Flynn]

indicated assent.

[Madam Deputy Speaker]

I am grateful to him for doing that. I know that he normally does things properly.

BILL PRESENTED

Energy Prices Bill

Presentation and First Reading (Standing Order No. 57)

Secretary Jacob Rees-Mogg, supported by the Prime Minister, Secretary Thérèse Coffey, the Chancellor of the Exchequer, Secretary Simon Clarke, Alok Sharma, Secretary Chris Heaton-Harris, Secretary Alister Jack and Mr Secretary Buckland, presented a Bill To make provision for controlling energy prices; to encourage the efficient use and supply of energy; and for other purposes connected to the energy crisis.

Bill read the First time; to be read a Second time tomorrow, and to be printed (Bill 159) with explanatory notes (Bill 159-EN).