Oral Answers to Questions

Greg Smith Excerpts

Wednesday 13th December 2023 Commons Chamber

[The Prime Minister]

This was an appalling tragedy, and my thoughts remain with all those concerned. I absolutely understand the strength of feeling on this. It was this Government who set up the inquiry, which I participated in, and we fully understand the need for action. The Government, crucially, have already accepted the moral case for compensation and acknowledged that justice needs to be delivered for the victims. My right hon. Friend the Minister for the Cabinet Office will update the House on our next steps on the infected blood inquiry shortly.

[Greg Smith (Buckingham) (Con)]

Q2. The tax cuts in the autumn statement were extremely welcome, but in order to go further and get the tax burden as low as possible, accurate and robust economic modelling is required. The Office for Budget Responsibility has been habitually wrong, and we had the spectacle last week of the head of the OBR saying that his latest forecast might be £30 billion out. Will my right hon. Friend the Prime Minister commit to finding a better system of financial modelling, so that we can get taxes lower?

[The Prime Minister]

As my hon. Friend knows, the OBR has brought greater transparency and independence to the forecasting on which Government policy is based, but he is right. It is required to produce an assessment of the accuracy of its fiscal and economic forecasts at least once a year but, crucially, as he acknowledged, thanks to our management of the economy and the fact that we have halved inflation and controlled borrowing, we have now delivered the largest tax cuts in a generation, and they will benefit families up and down the country from January.