Oral Answers to Questions

Graham Stuart Excerpts

Tuesday 20th May 2025 Commons Chamber

[Emma Reynolds]

I thank the hon. Gentleman for raising this important issue. I discuss mortgages with lenders and, indeed, with the Financial Conduct Authority on a weekly basis, and I will ensure that I pass on his comments.

[Graham Stuart (Beverley and Holderness) (Con)]

3. What assessment she has made of the potential impact of the autumn Budget 2024 on costs for businesses.

[The Chancellor of the Exchequer (Rachel Reeves)]

The Government considered all the policies in the autumn Budget carefully, in the context of the difficult fiscal inheritance that we had received from the Conservative party. The decisions to increase employers’ national insurance contributions and reduce the secondary threshold were taken to stabilise the public finances and ensure that money was available for our crucial public services, especially the national health service.

[Graham Stuart]

Johnson’s of Hedon, a DIY store, has traded successfully for 56 years, but its owner Mike Brooke, who has run it throughout that time, says that the national insurance hike introduced by the Chancellor has finally made the business unviable. Was the cruel destruction of Johnson’s of Hedon, and the jobs that it provides, deliberate or an accident?

[Rachel Reeves]

The money from national insurance—which, of course, only came in last month—is being used to fund investment in the national health service. Since the general election we have delivered 3 million additional NHS appointments, which benefits constituents in East Yorkshire and throughout the country. As for supporting business, the trade deal that we secured with the European Union was welcomed yesterday by the Confederation of British Industry, the Food & Drink Federation, the Institute of Directors and others, because it will add about £9 billion to the size of the UK economy.