Economy Update

Gavin Newlands Excerpts

Thursday 26th May 2022 Commons Chamber

[Rishi Sunak]

My hon. Friend is an excellent champion of the industry, and he is right to be so, because it is an important industry for the success of our future economy. It employs hundreds of thousands of people and it invests an enormous amount. We want to see that industry succeed and I know that, with his support and this Government’s, we will make sure that that happens.

[Gavin Newlands (Paisley and Renfrewshire North) (SNP)]

This statement may have put out the fires, or some of the fires, on the Back Benches behind the Chancellor, but it does not provide the comprehensive support and plan that these islands require. In a 22-minute statement, which began with an explanation of our rate of inflation, he forgot—or I presume he forgot—to mention Brexit, which has directly caused a 6% increase in food prices relative to international food prices and is the reason the International Monetary Fund expects UK inflation to remain far higher than that of the rest of the G7 for a prolonged period. We have heard the wholly inadequate firefighting today, but what is his plan for the medium to long term?

[Rishi Sunak]

As I spelled out, over the long term, through responsible fiscal policy, independent monetary policy and supply-side activism we will combat and reduce inflation. We are making progress on all three fronts.