Oral Answers to Questions

Greg Smith Excerpts

Tuesday 3rd September 2024 Commons Chamber

[Rachel Reeves]

Yes, absolutely; pension credit can be backdated by up to three months, and we will ensure that that happens. We are also working closely with Liverpool city council to ensure that the constituents in Liverpool Wavertree, and indeed in all our constituencies, are getting the support that they entitled to. The poorest pensioners, who are entitled to pension credit, should get it. It is a travesty that 800,000 missed out under the last Conservative Government. We will ensure that pensioners entitled to support get it.

[Greg Smith (Mid Buckinghamshire) (Con)]

T2. It is estimated that the Bank of England will require a further £110 billion of taxpayer subsidy to cover long bond sale losses through to 2030. So why is the Chancellor clobbering pensioners to save £1.5 billion a year when she could be challenging the Bank of England to save tens of billions of pounds a year?

[Rachel Reeves]

Before I became a Member of Parliament I was an economist at the Bank of England and I respect the independence of the Bank of England. The previous Government undermined that independence. That contributed to the economic chaos that we saw under the last Conservative Government. This Government will never go down that route.