Ellie Reeves
Main Page: Ellie Reeves (Labour - Lewisham West and East Dulwich)Department Debates - View all Ellie Reeves's debates with the HM Treasury
(1 year, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
James Cartlidge
I am not sure whether the hon. Lady was here for my maiden speech—I entirely recognise that she may not have been—but I said:
“I am a one nation Conservative,”
because I believe in
“not going back to dark and divisive days of high unemployment.”—[Official Report, 3 June 2015; Vol. 596, c. 636.]
And here we are, with the lowest unemployment in almost 50 years.
On regional earnings specifically, I can confirm that pay has grown faster in every region outside London since 2010. That shows that we are succeeding in our levelling-up agenda.
Ellie Reeves (Lewisham West and Penge) (Lab)
The IMF chief economist highlighted rising mortgage costs as a central issue facing the UK economy. I have heard from countless constituents who are fearful of losing their homes when their fixed rates come to an end, and others whose dreams of getting on the property ladder have been snatched away. What guarantees can the Minister provide that interest rates will get back to the levels seen before the disastrous mini-Budget?
James Cartlidge
The hon. Lady is an experienced colleague. She is well aware that we have an independent Bank of England, and interest rates are its responsibility. The crucial thing is that we need to work in partnership with the Bank, and we do that by ensuring that fiscal policy does everything possible to support a stable framework in which inflation falls. That is why we have set a target to halve inflation, and if we do that, interest rates will be lower than they would otherwise have been.